SEC Charges Allianz Global Investors and Three Former Senior Portfolio Managers with Multibillion Dollar Securities Fraud

SEC

The Securities and Exchange Commission (SEC) today charged Allianz Global Investors U.S. LLC (AGI US) and three former senior portfolio managers with a massive fraudulent scheme that concealed the immense downside risks of a complex options trading strategy they called “Structured Alpha.” AGI US marketed and sold the strategy to approximately 114 institutional investors, including pension funds for teachers, clergy, bus drivers, engineers, and other individuals.  After the COVID-19 market crash of March 2020 exposed the fraudulent scheme, the strategy lost billions of dollars as a result of AGI US and the portfolio managers’ misconduct.  AGI US has agreed to pay billions of dollars as part of an integrated, global resolution, including more than $1 billion to settle SEC charges and together with its parent, Allianz SE, over $5 billion in restitution to victims. read more »

Orthotic Brace Suppliers Convicted in $6.5 Million Health Care Fraud Scheme

A federal jury in Dallas, Texas, convicted the owners and operators of four orthotic brace suppliers in Texas and Arkansas today for a $6.5 million illegal kickback scheme, including violations of the federal Anti-Kickback Statute. read more »

What is the point of crypto?

VOX

When it comes to crypto, all the questions sort of boil down to one: What, actually, is the point of it? Crypto is supposed to be special, i.e., not like other markets — at least if you listen to its boosters. But what if it’s not? It’s felt pretty spectacularly unspecial lately. read more »