Category: Real Estate

The lead manager in a funds scandal that led to a $6bn settlement between Germany’s Allianz and US authorities has pleaded guilty to investment adviser fraud, two years after two other managers pleaded guilty for their roles in the scheme. The scandal at one of its US asset management units rocked Allianz, one of the world’s biggest insurance groups, casting doubt over its control functions and triggering an apology from its chief executive. Gregoire Tournant pleaded guilty on Friday to…

A court in Vietnam on Thursday ordered the death penalty for a real estate tycoon found guilty in a financial fraud case totalling more than $12 billion US. Vietnamese state media called it the country’s largest-ever case of financial fraud. The conviction of Truong My Lan came amid a government anti-corruption crackdown by Communist Party general secretary Nguyen Phu Trong. Lan started off selling cosmetics in a market stall with her mother in Ho Chi Minh City. When Vietnam liberalized…

For too long, Americans have suffered from a convoluted property system that condemned them to pay some of the world’s highest commissions, up to 6 per cent on residential sales. The real estate agents’ lock on online listings drove up costs and combined with a shortage of affordable homes to shut all but the most affluent buyers out of the housing market. Class action lawyers get a bad rap, but last week they forced the National Association of Realtors to…