The German insurance firm Allianz will pay more than $6 billion and its investment subsidiary agreed to plead guilty to a securities fraud charge over the implosion of a group of hedge funds that wiped out the investments of public pensions, religious organizations, foundations and other investors.The investment advisory firm at Allianz that had managed the hedge funds failed to stop a fraud scheme that came to light after the funds collapsed early in the pandemic, according to court filings provided by federal prosecutors on Tuesday.Prosecutors said three former Allianz portfolio managers, including the funds’ former chief investment officer, misled the funds’ investors by concealing the risk they faced. The former executive, Gregoire Tournant, was also accused of trying to conceal the scheme: He was …
