The year included plenty of high-profile fraud incidents and trends. COVID-19 fraud cases consistently drove strong traffic to InsuranceNewsNet.
Some of the incidents included significant settlements and impacts. Such as a May settlement by Allianz, which agreed to pay $6 billion to settle charges that its investing division defrauded clients by hiding losses and risks that led a hedge fund to collapse during the 2020 market meltdown.
Allianz SE is selling $120 billion in assets under management to Voya as part of the resolution of the matter.
The collapse wiped out pension funds of more than 100,000 people, while three portfolio managers reassured 114 institutions that their money was secure in what federal investigators called a historic fraud. Allianz agreed to pay $5 billion in restitution to victims, along with $1 billion to settle the Securities and Exchange Commission’s charges.
Allianz Global Investors is also banned from advising registered investment funds, such as mutual funds and some pensions, for 10 years, though the company said it expects that the SEC will exempt Allianz Life and Pacific Investment Management Co. from the order.
The Allianz settlement ended the year as the most-read fraud story on INN. Here are the rest of the top 10 fraud stories for 2022:
Class action sought
In May, a new lawsuit sought class-action status for victims of an indexed universal life sales scam.
Filed in Arizona bankruptcy court by Eleanor and Rocco Ciofoletti, of…
