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Allianz portfolio managers accused of misleading investors in multibillion dollar fraud indictment

Allianz portfolio managers accused of misleading investors
Allianz portfolio managers accused of misleading investors 00:44

NEW YORK -- The U.S. Attorney's Office for the Southern District of New York has unsealed a multibillion dollar fraud indictment against one of the world's biggest financial companies.

Prosecutors say three portfolio managers at Allianz, including the company's former chief investment officer, misled investors in a series of risky funds. The private funds ultimately collapsed, losing more than $7 billion.

According to prosecutors, more than 100 institutional investors representing more than 100,000 individuals were impacted.

They include bus drivers and subway conductors in New York City, as well as teachers in Arkansas and laborers in Alaska.

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