Page 130 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

to inducing Archegos Fund’s swap counterparties to allow Archegos Fund to continue
to build on its highly leveraged, concentrated, and illiquid long positions.

As an example of the defendants’ numerous misrepresentations, the complaint

alleges that Archegos and other employees repeatedly and consistently misrepresented

to swap counterparties the size of Archegos Fund’s largest position. By March 2021,

Archegos Fund’s largest position was approximately 70% of the fund’s net asset value,

yet Archegos, at Halligan’s direction, misrepresented during that time that the fund’s

largest position was only 35% of its net asset value. Archegos also misrepresented to

swap counterparties that Archegos Fund’s portfolio was more liquid than it really was.

By misrepresenting the size of Archegos Fund’s largest position and the overall

liquidity of Archegos Fund’s portfolio, the defendants misrepresented that Archegos

Fund’s portfolio was materially less concentrated (and hence materially less risky)

than it actually was.

During the week of March 22, 2021, virtually all of Archegos Fund’s largest
long positions sharply declined, triggering margin calls from its swap counterparties

totaling over $13 billion. The margin calls far exceeded Archegos Fund’s available

cash, causing it to collapse, dismiss employees, and cease operations. The complaint

alleges that during this week, Archegos made additional misrepresentations regarding

Archegos Fund’s financial state.

Tomita and Becker Settlements

The CFTC’s orders for Tomita and Becker find that each made numerous

misrepresentations to Archegos Fund’s swap counterparties in connection with the

fraudulent scheme. Tomita and Becker admitted to engaging in the fraudulent scheme,

including intentionally and/or recklessly providing false or misleading material

information and failing to provide such material information to Archegos Fund’s
swap counterparties regarding, among other things, the size, composition, and

liquidity of positions in Archegos Fund’s entire portfolio across financial institutions.

Parallel Criminal and Civil Actions

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