
Allianz unit to pay $6 billion over "massive" investor fraud
CBSN
Bus drivers, subway conductors and religious and charitable organizations nationwide were among the victims when fraud sped up the downfall of private investment funds once worth $11 billion, causing a loss of $5 billion for investors, authorities said Tuesday.
Additional details were expected to be released at a news conference to announce conspiracy, securities fraud and obstruction of justice charges against Gregoire Tournant, the former chief investment officer for a series of funds at Allianz Global Investors, one of the world's largest financial services and insurance companies.
Allianz Global Investors US LLC, a New York City-based investment adviser, has agreed to plead guilty to its role in the fraud and pay $3.2 billion in restitution, a $2.3 billion fine and to forfeit $463 million, prosecutors said in a release.

After years of unsuccessful attempts to finance and build a public alarm network that would warn residents of Kerr County, Texas, about dangerous flooding, officials in the region, nicknamed "flash flood alley," were going to start developing a centralized flood monitoring system this summer to help leaders and emergency managers plan ahead.

Washington — The Senate is expected to vote next week on a request from the White House to claw back funding for international aid and public broadcasting. But the funding for rural radio and television stations — sometimes an area's sole source for emergency warnings and other news — has sparked concern among some Senate Republicans, especially after the recent devastating flash floods in Texas.