Gregory Tournant, the former chief of Allianz's Structured Alpha funds, has been sentenced to 18 months of home confinement after pleading guilty to two felony fraud convictions. Tournant was involved in a scheme that fraudulently inflated the value of funds, leading to a collapse that resulted in $3.2 billion in investor losses. Prosecutors had sought a seven-year prison sentence for Tournant, whose funds were responsible for the loss of $7 billion in institutional capital during the market turmoil in March 2020. The outcome has been viewed as a significant victory for Tournant's defense team, as he avoids prison time despite the scale of the financial damage caused.