Page 129 - 《期货和衍生品行业监管动态》（2022年合集）
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期货和衍生品行业监管动态
Archegos, regarding the size of its positions, the amount of its unencumbered cash,
and the risk associated with Archegos Fund’s investment portfolio. The complaint
alleges that as a result of the defendants’ and respondents’ misconduct, Archegos
Fund’s swap counterparties collectively lost over $10 billion. The CFTC seeks
restitution to defrauded swap counterparties, disgorgement of ill-gotten gains, civil
monetary penalties, permanent registration and trading bans, and permanent
injunctions against further violations of the Commodity Exchange Act and CFTC
regulations, as charged.
The CFTC’s orders against Tomita and Becker find the respondents engaged in
the scheme in order to secure additional capacity for Archegos to enlarge its swap
trading positions, to obtain or maintain favorable margin rates, and to attempt to
satisfy margin calls. In connection with the orders, Tomita and Becker each entered
into cooperation agreements with the Division of Enforcement and admitted to
engaging in the fraudulent scheme. The orders impose immediate cease and desist
obligations with respect to Tomita and Becker, and further sanctions will be
determined in future proceedings.
Case Background
The complaint against Archegos and Halligan alleges that from March 2020 to
March 2021, Archegos and others acting on its behalf repeatedly misrepresented
material facts or omitted material facts relevant to assessing the risk of Archegos
Fund’s portfolio, including the size of its largest positions, aggregate gross exposure,
amount of unencumbered cash, and liquidity. The complaint further alleges that
Halligan aided and abetted Archegos’ fraud by directing Archegos employees to
misrepresent or omit certain of these material facts.
To hedge the market risk associated with its long portfolio, Archegos Fund
entered into short swaps with a total notional value of tens of billions of dollars
referencing broad-based exchange-traded funds and broad-based custom baskets of
securities. The complaint alleges that these short broad-based swaps were also critical
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