PAUL KOO at ALLIANZ GLOBAL INVESTORS DISTRIBUTORS LLC – View Complaints, Disclosures, Scams and Audit Report (Updated 2023)

Disclosure #1 for PAUL KOO

• • eventDate: 5/17/2022
  • Disclosure Type: Criminal
  • Disclosure Resolution: Pending Charge
  • Disclosure Detail :: criminalCharges :: Charges: Securities fraud in violation of Title 15, United States Code Sections 78j(b) and 78ff, Title 17, Code of Federal Regulations, Section 240. 10b-5, and Title 18, United States Code, Section 2.
  • Disposition: Pled guilty
  • Broker Comment: As described in the Statement of Facts that served as the basis for the Plea Agreement, beginning in at least 2014 and continuing into March 2020, AGI US engaged in a scheme to defraud investors in a series of private investment funds by making false and misleading statements to current and prospective investors that substantially understated the risks being taken by the funds, and also overstated the level of independent risk oversight over the funds. The DOJ Statement of Facts states that the misconduct occurred only within the small Structured Products Group at AGI US. The Government’s investigation has not revealed evidence that anyone at AGI US outside of the Structured Products Group was aware of the misconduct before March 2020. The registrant was never part of the Structured Products Group. Pursuant to the Plea Agreement, AGI US has agreed to (i) cooperate fully with the Office and other domestic law enforcement and regulatory authorities and agencies; (ii) promptly report any newly learned evidence or allegations of conduct that might constitute a violation of the securities laws that involve its employees or agents; and (iii) pay $463,063,086 in forfeiture, $3,238,748,199.69 in restitution and a stipulated fine of $2,331,189,703.78. The forfeiture amount was deemed satisfied by total payments on May 17, 2022 of $174,300,000. The Office credited against the restitution amount payments previously made to victims and payments to be made to victims pursuant to a parallel resolution with the SEC. AGI US has six months to pay the remaining restitution amount. The Office credited against the stipulated fine amount payments AGI US had made to victims and the civil monetary penalty of $675,000,000 paid to the SEC pursuant to parallel civil charges.