Justice Department’s Investigation of Archegos Leaves Out Three Bank Names: JPMorgan, Citigroup and Bank of America

Last Wednesday, the U.S. Department of Justice, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) brought charges against executives at Archegos Capital Management, the family office hedge fund that was somehow able to trick the most sophisticated trading houses on Wall Street into giving it 85 to 90 percent margin debt on concentrated stock positions – one of which had been called a “fraud” in a detailed report. Archegos blew itself up with that margin debt in March 2021, leaving a handful of these sophisticated trading firms acknowledging losses of more than $10 billion dollars.

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