Bus drivers, subway conductors and religious and charitable organizations nationwide lost over $5 billion when a COVID-induced stock market collapse crushed...
NEW YORK — Bus drivers, subway conductors and religious and charitable organizations nationwide lost over $5 billion when a COVID-induced stock market collapse crushed private investment funds linked to a financial industry giant, exposing a massive fraud, authorities said Tuesday.
“Make sure you call us before we call you,” Williams told a news conference, vowing to remain “relentless in rooting out corruption in our financial markets.” The prosecutor also announced conspiracy, securities fraud and obstruction of justice charges against Gregoire Tournant, 55, of Basalt, Colorado, the former chief investment officer for a series of funds at AGI US that was once worth $11 billion. Two other men blamed in the fraud have pleaded guilty and are cooperating, Williams said.
But he said that despite Tournant’s claims that the corporate “master cop” was looking over his shoulder, AGI US was “asleep on the beat” and when the COVID-induced market crash arrived, “these investors got soaked and lost billions.” In a civil complaint filed in Manhattan federal court, the SEC said Tournant, his co-conspirators and his company had carried out a “massive fraudulent scheme that concealed the immense downside risks of a complex options trading strategy they called ‘Structured Alpha.’”
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