Stewarts’ Post

We are proud of the outstanding work by colleagues Seth L. Levine, Alison Bonelli, Scott Klugman, Julie-Irene Nkodo, Heather Jones, and our co-counsel and friends Daniel R. Alonso and Olivia Rauh of Orrick, on behalf of our client Greg Tournant. Last Friday, Chief Judge Swain of the Southern District of New York sentenced Mr. Tournant to probation with home confinement and no prison time. Mr. Tournant, who formerly managed the Structured Alpha Funds at Allianz Global Investors US, was charged with fraud and causing losses in excess of $7 billion to investors when the Funds collapsed in March 2020 during the COVID-19 market downturn. The Government sought a prison term of no less than seven years, blaming Mr. Tournant for all $3.2 billion in lost investor principal, consistent with the guilty pleas of Allianz itself and two of Mr. Tournant’s colleagues. However, the Court entirely rejected the Government’s loss theory, accepting our long-held position that market forces and other factors unrelated to Mr. Tournant were the cause of the losses. Having found zero loss attributable to Mr. Tournant, and in light of his undisputed serious health issues and an otherwise well-lived life, the Court found that a prison sentence was not appropriate. We are deeply appreciative to the Court for this just and thoughtful result. Read more here: https://lnkd.in/eXTnW8_Q https://lnkd.in/eUNkxT-H https://lnkd.in/eRS-HQiV  #levineleellp #levinelee #litigation

We are very pleased to report that, last week, Levine Lee LLP and Orrick, Herrington & Sutcliffe LLP were recognized as Law360 “Legal Lions of the Week,” and received a “shout out” from AMLAW’s “Litigators of the Week,” for their work on the Allianz matter.    Read more here:  https://lnkd.in/eq5SUJsS  https://lnkd.in/eYGw24RR #levineleellp #levinelee #law360 #amlaw #litigation #legallion #litigator

North Carolina investment firm founder Greg Lindberg, already convicted this year on bribery charges, pleaded guilty to a separate $2 billion fraud. via Insurance Journal #InvestmentManagement #riskmanagement #risk https://lnkd.in/eyEkyZQF

A former Allianz SE hedge-fund manager avoided prison and will instead spend 18 months in home confinement for fraudulently inflating the value of funds that ultimately collapsed, resulting in $3.2 billion in investor losses. via Insurance Journal #AssetManagement #riskmanagement #risk https://lnkd.in/gdNZXZy6

⚖️ Barclays Settles £40M Fine: Closing a Chapter from the 2008 Financial Crisis 💷 After a long legal saga, Barclays has agreed to pay a £40 million fine to the Financial Conduct Authority (FCA) for alleged non-disclosure during its £11.8 billion capital-raising efforts in 2008. This settlement marks the conclusion of one of the last major cases linked to the global financial crisis. Key Insights: 💼 The fine relates to undisclosed preferential fee arrangements with Qatari investors during the 2008 capital raise. 🕵️ Criminal investigations and failed prosecutions saw former executives acquitted of charges by 2020. 🏦 FCA recognizes significant operational changes at Barclays since the events, reducing the fine from £50M to £40M. This case underscores the importance of transparency in financial markets and has driven reforms in corporate criminal liability across the UK. 🔗 Learn more about the case’s implications for banking transparency and regulation on our website. https://lnkd.in/dpVEKwpB 🚀 Explore premium market insights with our 14-day free trial ➡️ https://lnkd.in/dYY8sjdf 💬 Join our free Telegram group for daily updates** ➡️ https://lnkd.in/d243TCtz #Barclays #FinancialCrisis #FCA #BankingTransparency #CorporateGovernance #InvestmentStrategy #MarketInsights #UKBanking #SignalMasterMind #BankingReforms #FinancialRegulation #TransparencyMatters

FCA warns on fraudsters cloning advice firm Wealth Solutions. The Financial Conduct Authority (FCA) has warned that fraudsters are copying the details of advice firm Wealth Solutions – now Amber River - and is targeting individuals. Simon Redhead Check out Isabel Baxter's latest article 👇 https://incm.pub/3ZV02Pm #financialadviser #investment #investmentmanagement #finance

🚗 Barclays loses motor finance challenge as the High Court rules in favor of the FOS, upholding a complaint related to discretionary commission arrangements... https://lnkd.in/ezXrMqwY

Following the Financial Conduct Authority recently fining Starling Bank over its lax controls against financial crime, Partner Abdulali Jiwaji has been interviewed by The Banker, to discuss the regulator’s challenge in creating a strong regulatory regime, without reducing the possibility for innovation. Abdul notes that the FCA has the powers to seek criminal prosecutions against individuals involved in such matters, and highlights that the Firm is likely seeking to deter other firms, and individuals involved, by making an example of Starling. Read Abdul’s comments in full here: bit.ly/3U47Drg #FinancialCrime #RegulatoryDisputes #FCA

Concerned about your shop’s Research practices? Compliance Risk Concepts (CRC) knows Research Compliance. #Barclays #FINRA #Compliance #RegulatoryCompliance #FinancialRegulation #Brokerage #InvestmentBanking #FinancialServices

On November 25, the UK Financial Conduct Authority (FCA) imposed a £40 million fine on Barclays for its failure to disclose critical arrangements with Qatari entities during the 2008 financial crisis. This fine follows Barclays' decision to withdraw its appeal to the Upper Tribunal. Key Findings: - Barclays' conduct during its October 2008 capital raising was deemed reckless and lacked integrity. - The FCA originally issued warning notices in 2013 but paused the case due to criminal proceedings by the Serious Fraud Office, which were later dismissed. - In October 2022, the FCA proposed a £50 million fine, but the final penalty was adjusted following Barclays' appeal withdrawal. Context: - The events occurred during a period of national significance when banks were seeking emergency recapitalization. - The FCA emphasized the importance of market integrity and banks' obligations to shareholders and investors. For further details, you can read the full article here - https://lnkd.in/dw7ge9FQ For more updates on financial services, follow Global Regulatory Insights. #FCA #Barclays #FinancialServices #RegulatoryCompliance #MarketIntegrity #GRI