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Research entry · Not admitted

Archegos

Archegos: information, institutional response and differently scoped financial and legal records.

Built from a research dossier; admission and independent checking of this account are not supplied in this view. Source attribution does not establish independent corroboration. Read the full dossier · Inspect

Archegos’s March 2021 failure left banks examining concentrated exposures, information supplied by a client and their own decisions about risk. The SEC’s later complaint alleges that counterparties had limited visibility into positions held elsewhere, while Archegos maintained internal reports and liquidation analyses. A Credit Suisse board-commissioned investigation describes identified risks and failures of management and controls. These records distinguish missing information, misleading representations and failures to act; they do not establish that the whole position existed nowhere.

This research dossier compares those differently authored accounts with later supervisory statements and dated legal-outcome announcements. The Federal Reserve reported more than $10 billion in losses across several large banks in December 2021. Institution-specific figures remain separate by entity, period and accounting measure, and penalties are distinguished from losses. Readers can inspect the source of an explanation, retain its limits and identify the additional record needed for a stronger conclusion.

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Contents and source readers

13 research source candidates. Only recorded, eligible public Source destinations appear above.

Scope

What information did Archegos and its counterparties possess, what representations were made, and how did institutions respond? The selected record concerns concentrated cash-equity and synthetic exposures before the March 2021 default; counterparties' liquidation and loss accounts; the Credit Suisse board-commissioned investigation; December 2021 supervisory guidance; 2022 pleadings; July 2023 supervisory enforcement; and the prosecutors' dated 2024 conviction and sentencing announcements.

This is not an assertion that the whole portfolio existed nowhere, that every counterparty knew the same thing, or that one loss figure measures the entire event. It is not a determination of the present appellate, custodial or recovery status of any person or institution. The historical announcements retain their dates.

Key distinctions

  1. Limited counterparty visibility is not universal absence of a record. SEC complaint paragraphs 29–31 and 101–104 describe internal reports and liquidation analyses, while paragraphs 39–40 allege that counterparties had limited visibility into positions elsewhere and received inaccurate information.
  2. Swaps are not the whole portfolio. The complaint alleges cash equity holdings as well as synthetic exposure. Economic exposure, legal shareholding and disclosure thresholds are different propositions.
  3. Knowledge is not successful control. The commissioned Credit Suisse review describes conspicuous risks and failures to respond; later regulators describe failures despite warnings. That differs from saying no warning or risk information existed.
  4. A commissioned report is not a regulator's judgment. The Paul, Weiss report was commissioned by the bank's board special committee. Its stated access and conclusions travel with that provenance.
Show 8 more
  1. An allegation is not a verdict finding. The SEC complaint and original indictment precede the criminal trial. A prosecutor's 2024 announcement is a later account of an outcome, not a copy of the verdict form adopting every earlier allegation.
  2. Bank losses are not criminal fines. Trading and credit losses, later recoveries, net-profit impacts and supervisory penalties must not be added as interchangeable dollars.
  3. The Federal Reserve did publish an aggregate. Its December 10, 2021 release reports more than $10 billion in losses across several large banks. This is an attributed dated aggregate, not a total newly reconstructed here.
  4. Approximately $5.5 billion and $5.1 billion have different entity scopes. The commissioned report and Federal Reserve use the former for Credit Suisse; the PRA reports the latter booked to two named UK firms. Neither automatically corrects the other.
  5. UBS's $774 million, $434 million and $87 million are not competing totals. Its April 2021 disclosure distinguishes Q1 trading loss, Q1 net-profit impact and Q2 trading loss. The selected passage describes an unnamed client; this file does not silently mint a client identity join.
  6. An estimate can change without becoming cash recovered. MUFG's March 30 $300 million potential-loss estimate becomes approximately $270 million in the next day's progress report, still subject to recovery. Its client remains unnamed in both notices.
  7. A dollar conversion needs its own basis. The unretained Nomura notice's researched ¥245.7 billion booked amount and $570 million estimate concern different periods and currencies. No converted or combined total is supplied.
  8. The publication date is not every event date. The December 19, 2024 DOJ sentencing announcement is dated as an announcement; it does not replace the exact hearing or judgment record or establish present custody.

Analysis

Archegos makes information asymmetry concrete. According to the SEC complaint, one counterparty could observe its own positions but had limited visibility into those held elsewhere. The same pleading describes information maintained inside Archegos. A useful account asks which actor could see which position or analysis, what it was told, and how it used that information. It does not turn limited external disclosure into a claim that no internal record existed.

The Credit Suisse report adds a different question: what happens when risk indicators exist but decision-making fails to contain the exposure? Its introduction describes persistent failures of management and controls and says the risks were identified and conspicuous. The Federal Reserve and PRA later make their own supervisory statements. Those accounts can be compared without treating the bank's commissioned investigation as a judgment issued by a regulator, or treating bank control failures as identical to the criminal allegations against Archegos personnel.

The loss accounts require similar discipline. A dated regulator aggregate can be reported as such while institution-specific measures remain separate. The $644 million and $267 million components in Gorman's account permit a transparent $911 million subtotal of those two stated components; they do not establish a global loss ledger. UBS's after-tax net-profit impact cannot be added to its underlying trading loss. Unknown recoveries, different periods, unnamed clients and an unretained source remain visible.

Finally, procedural development matters. The 2022 pleadings allege conduct; the later DOJ announcements report convictions and a sentence. The latter are meaningful later events, but their prosecutor-authored summaries do not make every earlier paragraph a jury finding or establish present appellate finality. A reader can describe the documentary progression without flattening it.

Temporal bounds

The operational event is March 2021, with bank announcements in March–April and the May 27, 2021 Gorman testimony. The board-commissioned report is dated July 29, 2021; the Federal Reserve supervisory statement December 10, 2021. The selected civil complaint and original indictment were made public April 27, 2022. The selected US and UK supervisory announcements are July 24, 2023. The conviction announcement is July 10, 2024; the sentencing announcement December 19, 2024. This documentary sequence is a historical selection, not a complete litigation docket or an update through November 2026.

Questions in the research record

Questions the research dossier keeps separate, each with the positions and limits it records for the institutions involved. This is research analysis, not admitted findings.

Who possessed which information?

The SEC complaint's paragraphs 29–31, on PDF p. 8, allege both synthetic exposure and cash-equity reporting inside Archegos. Paragraphs 39–40, p. 9, distinguish a counterparty's view of its own positions from its limited view of other counterparties' positions. Paragraphs 101–104, pp. 24–25, allege a discrepancy between external liquidation assurances and internal analysis. These are allegations in SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — Complaint. They support examining a proposition about who knew what; they do not prove that no complete portfolio record existed anywhere.

Missing information versus failure to act

Credit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital Management's introduction says the risks were identified and conspicuous and describes failures of management and controls. Its executive summary distinguishes business and credit-risk teams' access: neither had exactly the other's information. Federal Reserve Board announces a consent order and a $268.5 million fine with UBS Group AG for misconduct by Credit Suisse reports the Federal Reserve's conclusion that Credit Suisse failed adequately to manage the risk despite repeated warnings. The PRA imposes record fine of £87m on Credit Suisse for serious risk management and governance failures in connection with Archegos Capital Management exposure describes escalation, limit and governance failures within named UK firms. The accounts concern different responsibilities and documentary roles, so “everyone knew” and “nobody knew” both discard necessary detail.

Loss measures with entities, dates and status

SourceAttributed amount and periodMeaning and limit
Federal Reserve Board reiterates its supervisory expectations for large banks' risk management with investment funds, December 10, 2021 Federal Reserve releaseMore than $10 billion across several large banks, principally outside the United StatesRegulator's reported aggregate; not a new sum or an asserted final recoveries-adjusted total.
Credit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital Management, July 29, 2021 commissioned report; Federal Reserve Board announces a consent order and a $268.5 million fine with UBS Group AG for misconduct by Credit Suisse, July 24, 2023 regulator releaseApproximately $5.5 billion at Credit Suisse following defaultEach source's account retains its role. It must not be added to a narrower subset of the same loss.
The PRA imposes record fine of £87m on Credit Suisse for serious risk management and governance failures in connection with Archegos Capital Management exposure, July 24, 2023 PRA releaseAround US$5.1 billion booked to Credit Suisse International and Credit Suisse Securities (Europe) LtdTwo UK legal entities; not an alternative group-wide loss estimate or a penalty.
UBS first-quarter 2021 results presentation and transcript, April 27, 2021 UBS results transcript$774 million Q1 trading loss; $434 million Q1 net-profit impact; $87 million Q2 trading loss after closing remaining positions in AprilDistinct measures and periods in the issuer's unnamed-client account; no newly established client identity.
Nomura — Update on Loss Arising from Business Activities, April 27, 2021 Nomura pointerResearched ¥245.7 billion booked for the year ended March 2021; estimated $570 million for the next fiscal year as of April 23Requested body absent. These are retained inventory/research statements, not a completed passage check. Excluded from the proposed lead and any arithmetic total.
Mitsubishi UFJ Securities Holdings — Potential Loss Arising from Business Activities, March 30, 2021 MUSHD noticeApproximately US$300 million potential loss involving MUSE and an unnamed US clientEstimate explicitly subject to unwinding and market-price changes.
Mitsubishi UFJ Securities Holdings — (Progress report) Potential Loss Arising from Business Activities, March 31, 2021 progress noticeApproximately US$270 million “final potential loss,” with recovery caveatClosing positions fixes exposure in the notice's terms; collection from the client can reduce loss. Reporting is MUSE results and MUSHD consolidated Q1 for fiscal year ending March 31, 2022.
Statement of James P. Gorman, Chairman and Chief Executive Officer, Morgan Stanley, May 27, 2021 Gorman testimony, PDF p. 10 / printed p. 9$644 million net loss from March 26–28 block sales plus $267 million incremental derisking loss$911 million is the arithmetic subtotal of those two reported components, not an independent accounting reconciliation.

Enforcement penalties are distinct acts

Federal Reserve Board announces a consent order and a $268.5 million fine with UBS Group AG for misconduct by Credit Suisse reports a Federal Reserve consent order and approximately $268.5 million fine concerning Credit Suisse conduct, with UBS as acquirer. The PRA imposes record fine of £87m on Credit Suisse for serious risk management and governance failures in connection with Archegos Capital Management exposure reports a PRA fine of £87,082,000 against CSI and CSSEL, for conduct during January 1, 2020–March 31, 2021. It explains the 30% settlement reduction and the £124.4 million undiscounted amount. The two announcements give their own approximate combined dollar descriptions; this dossier retains the original-currency amounts rather than inventing an exchange rate or adding a fine to a bank-loss series. The linked final notice and consent-order PDF are separate representations not independently retained in this thirteen-row selection.

Pleadings, outcomes and present status

SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — Complaint is a civil complaint; United States v. Sung Kook (Bill) Hwang and Patrick Halligan — original indictment is the original criminal indictment, retained as a scan with separate OCR. Statement of U.S. Attorney Damian Williams on the Convictions of Bill Hwang and Patrick Halligan is the July 10, 2024 prosecutor announcement of the jury's convictions of Hwang and Halligan. Founder and Head of Archegos Capital Management Bill Hwang Sentenced to 18 Years in Prison for Orchestrating Massive Market Manipulation and Fraud Schemes's December 19, 2024 announcement reports an 18-year sentence for Hwang and describes the trial outcome. No count-by-count mapping from the original indictment to a final verdict form is constructed. No current appellate, imprisonment or final-judgment status is inferred.

Questions and evidence limits

Provisional claim analyses from the research dossier: a proposed wording, its candidate sources, and what those sources can and cannot establish. They are research interpretation, not admitted claims, findings or decisions. Where the dossier writes “Refusal branch” or “Reopening condition”, it proposes when a broader formulation should be withheld or reconsidered; no refusal or standing decision has been made.

Counterparty visibility is actor-specific

The SEC complaint alleges that counterparties saw their own Archegos positions but had limited visibility into holdings elsewhere, while Archegos maintained internal cash-equity reports and liquidation analyses.

Sources: SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — Complaint paragraphs 29–31, 39–40 and 101–104. Posture: a precisely attributed pleading account. This candidate does not assert that every allegation was established at trial or that the portfolio was universally unknowable.

Available warnings and response are separate questions

The commissioned Credit Suisse review describes identified risks and failures of management and controls; the Federal Reserve later reported failures to manage the risk despite repeated warnings.

Sources: Credit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital Management introduction and executive summary; Federal Reserve Board announces a consent order and a $268.5 million fine with UBS Group AG for misconduct by Credit Suisse release body. Posture: separate commissioned and supervisory accounts. Their coexistence is not an identity of authority, scope or evidentiary access.

A dated aggregate exists without a reconstructed universal ledger

On December 10, 2021 the Federal Reserve reported more than $10 billion in losses across several large banks from the Archegos failure, principally outside the United States.

Source: Federal Reserve Board reiterates its supervisory expectations for large banks' risk management with investment funds release body. Posture: attributed regulator statement with date and institution scope. It is not a sum constructed from the selected bank figures, a penalty total or a final net loss after all recoveries.

Individual loss disclosures require quantity semantics

UBS's April 2021 transcript separates $774 million Q1 trading loss, $434 million Q1 net-profit impact and $87 million Q2 trading loss; the March 30–31 MUSHD notices revise a potential-loss estimate from about $300 million to about $270 million, still allowing recoveries.

Sources: UBS first-quarter 2021 results presentation and transcript results transcript; Mitsubishi UFJ Securities Holdings — Potential Loss Arising from Business Activities/12 one-page notices. Posture: issuer disclosures, with unnamed-client limitation preserved. These statements do not establish a governed client join, common accounting denominator or final all-bank total.

Later criminal outcomes do not collapse the source record

DOJ's July 10, 2024 statement reports convictions of Hwang and Halligan; its December 19, 2024 announcement reports an 18-year sentence for Hwang.

Sources: Statement of U.S. Attorney Damian Williams on the Convictions of Bill Hwang and Patrick Halligan/04 dated release bodies. Posture: prosecutor announcements of historical outcomes. The original pleadings remain allegations; exact verdict/judgment documents and present status are outside this inspected selection.

Why not?

BEST "WHY NOT?" SPECIMEN

Popular formulation

“No one could see Archegos's whole position, so the collapse was simply an information gap.”

Why not

The statement changes “counterparties had limited views” into “no record existed anywhere.” SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — Complaint explicitly alleges internal reports and analyses, as well as selective or inaccurate representations to counterparties. Credit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital Management describes risk information available within Credit Suisse, distributed across roles, and failures to remediate conspicuous risks. The Federal Reserve and PRA later address risk management and governance, not just absence of data.

That does not prove every person had a complete or accurate view. It means that an explanation must name the actor, information, date, disclosure and decision. Fraud allegations, leverage, concentration, market movements and control failures cannot be reduced to one universal missing record. These are attributed research distinctions, not a new adjudication.

Reopening condition

An actor-specific claim about complete knowledge would require that actor's dated information set and the relevant portfolio scope. An explanation of a particular decision would require evidence connecting that information to the decision. Authenticating an internal record would not prove it was shared with every counterparty.

Original basis: SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — Complaint paragraphs 29–31, 39–40, 101–104; Credit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital Management introduction and executive summary; Federal Reserve Board announces a consent order and a $268.5 million fine with UBS Group AG for misconduct by Credit Suisse/08 release bodies.

Origin of this passage

Research dossier · E. BEST "WHY NOT?" SPECIMEN · lines 262–276

Artifact SHA-256: 3d00365e9e090c2387f109efa5873a8d1baa8fe3c98252b0449b3158efe2dda3

Attributed research text; this locator does not establish source support or standing.

SECOND "WHY NOT?" — ONE LOSS NUMBER

Popular formulation

“Add every announced loss and fine to get the final cost of Archegos.”

Why not

The selected amounts overlap and have different meanings. A UK-entity loss can sit inside a group loss. A net-profit impact is not an additional trading loss. A Q2 tail differs from a Q1 amount; a potential loss subject to recovery differs from a final realized amount. A regulatory fine is a sanction, not the bank's original counterparty loss. The unretained Nomura announcement cannot contribute a passage-verified figure, and an unnamed-client disclosure is not an identity binding.

The Federal Reserve's more-than-$10-billion statement can be reported directly with its December 2021 attribution. It need not be invented by summing incompatible selected figures, and it must not be described as a final recoveries-adjusted cost.

Reopening condition

A consolidated accounting total would require a dated, nonduplicative perimeter, consistent currency and accounting measures, reporting-period alignment and treatment of recoveries. Until then use attributed rows and explicitly labeled arithmetic subtotals only.

Original basis: Credit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital Management–13, particularly the quantity table in part C.

Origin of this passage

Research dossier · F. SECOND "WHY NOT?" — ONE LOSS NUMBER · lines 280–294

Artifact SHA-256: 3d00365e9e090c2387f109efa5873a8d1baa8fe3c98252b0449b3158efe2dda3

Attributed research text; this locator does not establish source support or standing.

THIRD "WHY NOT?" — EVERY ALLEGATION PROVEN

Popular formulation

“The 2024 convictions made every statement in the 2022 complaint an established finding.”

Why not

The civil complaint, original criminal indictment, verdict announcement and sentencing announcement are different documents with different authors, defendants, purposes and dates. The later announcements are evidence of the outcomes they report. They are not the verdict form, trial transcript or a paragraph-by-paragraph adoption of a separate civil pleading. OCR of the indictment is a derivative aid and cannot create exact count-level precision where the scan has not been checked.

The conviction reports must not be erased by calling everything an allegation forever. Equally, their existence does not establish present appellate finality, custody or the disposition of every other defendant and claim. State the historical reported outcome and its scope.

Reopening condition

Use an exact verdict form, judgment or relevant court decision for a narrower claim about the adjudicated counts, reasons or later procedural status. Keep each new representation and date separate from the retained announcements.

Original basis: SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — Complaint–04.

Origin of this passage

Research dossier · G. THIRD "WHY NOT?" — EVERY ALLEGATION PROVEN · lines 298–312

Artifact SHA-256: 3d00365e9e090c2387f109efa5873a8d1baa8fe3c98252b0449b3158efe2dda3

Attributed research text; this locator does not establish source support or standing.

Sources

13 documentary source candidates · show the source list

Sources

13 research source candidates are carried by this entry, as authored in its research dossier. Each is a research candidate, not an admitted Counterpedia Source.

The dossier records an issuer for 13 of 13 and a date for 13; where it labels no issuer, the card says so. Addresses are shown as recorded. A recorded address is not a Counterpedia capture and does not establish retrieval, authenticity or support for any claim. A card links to a Counterpedia source page only where an accepted record relates a capture of an address recorded for that document to that public source; listing a candidate implies no other association.

Sources by recorded issuer

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All 13 sources selected.

  1. SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — Complaint

    Issuer
    US Securities and Exchange Commission
    Selected edition / date
    Filed 2022-04-27, SDNY case 1:22-cv-03402, Document 1

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Civil complaint; allegations, not a judgment.
    Selected edition / date
    Filed 2022-04-27, SDNY case 1:22-cv-03402, Document 1
    Recorded original locator
    https://www.sec.gov/files/litigation/complaints/2022/comp-pr2022-70.pdf
    Technical details
    Research handle in the dossier
    ARC-S01
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  2. United States v. Sung Kook (Bill) Hwang and Patrick Halligan — original indictment

    Issuer
    United States; DOJ-hosted original indictment
    Selected edition / date
    Original indictment publicly unsealed 2022-04-27; SDNY 22 Cr. 240

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Original criminal charging instrument, not a verdict.
    Selected edition / date
    Original indictment publicly unsealed 2022-04-27; SDNY 22 Cr. 240
    Recorded original locator
    https://www.justice.gov/usao-sdny/press-release/file/1497216/dl
    Technical details
    Research handle in the dossier
    ARC-S02
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  3. Statement of U.S. Attorney Damian Williams on the Convictions of Bill Hwang and Patrick Halligan

    Issuer
    US Attorney’s Office, Southern District of New York
    Selected edition / date
    2024-07-10

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Prosecutor announcement of the historical jury outcome.
    Selected edition / date
    2024-07-10
    Recorded original locator
    https://www.justice.gov/usao-sdny/pr/statement-us-attorney-damian-williams-convictions-bill-hwang-and-patrick-halligan
    Technical details
    Research handle in the dossier
    ARC-S03
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  4. Founder and Head of Archegos Capital Management Bill Hwang Sentenced to 18 Years in Prison for Orchestrating Massive Market Manipulation and Fraud Schemes

    Issuer
    US Attorney’s Office, Southern District of New York
    Selected edition / date
    DOJ announcement dated 2024-12-19

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Prosecutor sentencing announcement, historically dated.
    Selected edition / date
    DOJ announcement dated 2024-12-19
    Recorded original locator
    https://www.justice.gov/usao-sdny/pr/founder-and-head-archegos-capital-management-bill-hwang-sentenced-18-years-prison
    Technical details
    Research handle in the dossier
    ARC-S04
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  5. Credit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital Management

    Issuer
    Credit Suisse Group board special committee; investigation by Paul, Weiss
    Selected edition / date
    2021-07-29; EDGAR Exhibit 99.2 to Form 6-K

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Bank-commissioned investigation; published as an EDGAR exhibit, not a regulator-issued judgment.
    Selected edition / date
    2021-07-29; EDGAR Exhibit 99.2 to Form 6-K
    Recorded original locator
    https://www.sec.gov/Archives/edgar/data/1159510/000137036821000064/a210729-ex992.htm
    Technical details
    Research handle in the dossier
    ARC-S05
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  6. Federal Reserve Board reiterates its supervisory expectations for large banks' risk management with investment funds

    Issuer
    Board of Governors of the Federal Reserve System
    Selected edition / date
    2021-12-10

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Dated supervisory statement and attributed aggregate.
    Selected edition / date
    2021-12-10
    Recorded original locator
    https://www.federalreserve.gov/newsevents/pressreleases/bcreg20211210a.htm
    Technical details
    Research handle in the dossier
    ARC-S06
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  7. Federal Reserve Board announces a consent order and a $268.5 million fine with UBS Group AG for misconduct by Credit Suisse

    Issuer
    Board of Governors of the Federal Reserve System
    Selected edition / date
    2023-07-24

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Announcement of consent order/fine and supervisory requirements.
    Selected edition / date
    2023-07-24
    Recorded original locator
    https://www.federalreserve.gov/newsevents/pressreleases/enforcement20230724a.htm
    Technical details
    Research handle in the dossier
    ARC-S07
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  8. The PRA imposes record fine of £87m on Credit Suisse for serious risk management and governance failures in connection with Archegos Capital Management exposure

    Issuer
    Bank of England, Prudential Regulation Authority
    Selected edition / date
    2023-07-24; conduct period 2020-01-01 through 2021-03-31

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Supervisory enforcement announcement concerning two named UK firms.
    Selected edition / date
    2023-07-24; conduct period 2020-01-01 through 2021-03-31
    Recorded original locator
    https://www.bankofengland.co.uk/news/2023/july/the-pra-imposes-record-fine-of-87m-on-credit-suisse
    Technical details
    Research handle in the dossier
    ARC-S08
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  9. UBS first-quarter 2021 results presentation and transcript

    Issuer
    UBS; results material filed with the SEC
    Selected edition / date
    2021-04-27; EDGAR filing

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Issuer results presentation/transcript; unnamed-client account.
    Selected edition / date
    2021-04-27; EDGAR filing
    Recorded original locator
    https://www.sec.gov/Archives/edgar/data/1610520/000161052021000055/investorpreso20210427.htm
    Technical details
    Research handle in the dossier
    ARC-S09
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  10. Nomura — Update on Loss Arising from Business Activities

    Issuer
    Nomura Holdings
    Selected edition / date
    2021-04-27; additional-loss estimate as of 2021-04-23

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Unretained issuer announcement pointer; source-body passage check pending.
    Selected edition / date
    2021-04-27; additional-loss estimate as of 2021-04-23
    Recorded original locator
    https://www.nomuraholdings.com/en/news/nr/news20210427102725.html
    Technical details
    Research handle in the dossier
    ARC-S10
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  11. Mitsubishi UFJ Securities Holdings — Potential Loss Arising from Business Activities

    Issuer
    Mitsubishi UFJ Securities Holdings Co., Ltd.
    Selected edition / date
    2021-03-30

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Issuer potential-loss estimate, not final realized loss.
    Selected edition / date
    2021-03-30
    Recorded original locator
    https://www.hd.sc.mufg.jp/english/news/000019897.pdf
    Technical details
    Research handle in the dossier
    ARC-S11
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  12. Mitsubishi UFJ Securities Holdings — (Progress report) Potential Loss Arising from Business Activities

    Issuer
    Mitsubishi UFJ Securities Holdings Co., Ltd.
    Selected edition / date
    2021-03-31

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Next-day issuer progress report; recovery qualification retained.
    Selected edition / date
    2021-03-31
    Recorded original locator
    https://www.hd.sc.mufg.jp/english/news/000019905.pdf
    Technical details
    Research handle in the dossier
    ARC-S12
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.

  13. Statement of James P. Gorman, Chairman and Chief Executive Officer, Morgan Stanley

    Issuer
    James P. Gorman, Chairman and CEO of Morgan Stanley; House Financial Services hearing
    Selected edition / date
    House Financial Services hearing, 2021-05-27

    Open: Recorded original locator

    More about this source · 1 recorded address
    Role of this document
    Institution’s attributed testimony, not independent audit.
    Selected edition / date
    House Financial Services hearing, 2021-05-27
    Recorded original locator
    https://www.congress.gov/117/meeting/house/112718/witnesses/HHRG-117-BA00-Wstate-GormanJ-20210527.pdf
    Technical details
    Research handle in the dossier
    ARC-S13
    Research notes
    Dossier notes on this source (opens in a new tab)
    Counterpedia source link
    None: no capture in Counterpedia’s index of captures with accepted source relationships has the exact address recorded for this document.
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Recorded source details. Missing fields are not inferred; selection does not establish support for a claim. Scroll across to compare sources.
DetailSEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LP — ComplaintUnited States v. Sung Kook (Bill) Hwang and Patrick Halligan — original indictmentStatement of U.S. Attorney Damian Williams on the Convictions of Bill Hwang and Patrick HalliganFounder and Head of Archegos Capital Management Bill Hwang Sentenced to 18 Years in Prison for Orchestrating Massive Market Manipulation and Fraud SchemesCredit Suisse Group Special Committee of the Board of Directors — Report on Archegos Capital ManagementFederal Reserve Board reiterates its supervisory expectations for large banks' risk management with investment fundsFederal Reserve Board announces a consent order and a $268.5 million fine with UBS Group AG for misconduct by Credit SuisseThe PRA imposes record fine of £87m on Credit Suisse for serious risk management and governance failures in connection with Archegos Capital Management exposureUBS first-quarter 2021 results presentation and transcriptNomura — Update on Loss Arising from Business ActivitiesMitsubishi UFJ Securities Holdings — Potential Loss Arising from Business ActivitiesMitsubishi UFJ Securities Holdings — (Progress report) Potential Loss Arising from Business ActivitiesStatement of James P. Gorman, Chairman and Chief Executive Officer, Morgan Stanley
Recorded titleNot supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.
Issuer / publisher
  • IssuerUS Securities and Exchange Commission
  • IssuerUnited States; DOJ-hosted original indictment
  • IssuerUS Attorney’s Office, Southern District of New York
  • IssuerUS Attorney’s Office, Southern District of New York
  • IssuerCredit Suisse Group board special committee; investigation by Paul, Weiss
  • IssuerBoard of Governors of the Federal Reserve System
  • IssuerBoard of Governors of the Federal Reserve System
  • IssuerBank of England, Prudential Regulation Authority
  • IssuerUBS; results material filed with the SEC
  • IssuerNomura Holdings
  • IssuerMitsubishi UFJ Securities Holdings Co., Ltd.
  • IssuerMitsubishi UFJ Securities Holdings Co., Ltd.
  • IssuerJames P. Gorman, Chairman and CEO of Morgan Stanley; House Financial Services hearing
Documentary role
  • Authority / postureCivil complaint; allegations, not a judgment.
  • Authority / postureOriginal criminal charging instrument, not a verdict.
  • Authority / postureProsecutor announcement of the historical jury outcome.
  • Authority / postureProsecutor sentencing announcement, historically dated.
  • Authority / postureBank-commissioned investigation; published as an EDGAR exhibit, not a regulator-issued judgment.
  • Authority / postureDated supervisory statement and attributed aggregate.
  • Authority / postureAnnouncement of consent order/fine and supervisory requirements.
  • Authority / postureSupervisory enforcement announcement concerning two named UK firms.
  • Authority / postureIssuer results presentation/transcript; unnamed-client account.
  • Authority / postureUnretained issuer announcement pointer; source-body passage check pending.
  • Authority / postureIssuer potential-loss estimate, not final realized loss.
  • Authority / postureNext-day issuer progress report; recovery qualification retained.
  • Authority / postureInstitution’s attributed testimony, not independent audit.
Recorded dates
  • Selected edition / dateFiled 2022-04-27, SDNY case 1:22-cv-03402, Document 1
  • Selected edition / dateOriginal indictment publicly unsealed 2022-04-27; SDNY 22 Cr. 240
  • Selected edition / date2024-07-10
  • Selected edition / dateDOJ announcement dated 2024-12-19
  • Selected edition / date2021-07-29; EDGAR Exhibit 99.2 to Form 6-K
  • Selected edition / date2021-12-10
  • Selected edition / date2023-07-24
  • Selected edition / date2023-07-24; conduct period 2020-01-01 through 2021-03-31
  • Selected edition / date2021-04-27; EDGAR filing
  • Selected edition / date2021-04-27; additional-loss estimate as of 2021-04-23
  • Selected edition / date2021-03-30
  • Selected edition / date2021-03-31
  • Selected edition / dateHouse Financial Services hearing, 2021-05-27
Recorded identifiersNot supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.Not supplied in this view.
Recorded locators
Source status
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate
  • research candidate

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Record provenance
research_artifact
{"pack_id":"demo-corpus-wave2","artifact_slug":"archegos-demo-corpus-dossier-v0-1","artifact_sha256":"3d00365e9e090c2387f109efa5873a8d1baa8fe3c98252b0449b3158efe2dda3","source_href":"/research/demo-corpus-wave2/archegos-demo-corpus-dossier-v0-1","source_kind":"dossier"}
Projection axes
Postureresearch
Source kindresearch_template
Source surfacenot supplied

This renderer preserves upstream distinctions; it does not mint identity, support, authenticity, admission, or truth.

INSPECTCounterpedia Check · this read modelInspect only the signals this renderer actually received
Record identifier
research:demo-corpus-wave2:archegos-demo-corpus-dossier-v0-1
Posture
research
Source kind
research_template
Lifecycle
not recorded
Source footprint
not supplied to this presentation
Capture associations
not evaluated here
Unresolved capture identity
not evaluated here
Truth
not a finding of this renderer
Authenticity
not inferred from source or capture presence
Research profile
Demo Corpus
Artifact kind
dossier
Source candidates
13
CHECK is inspection, not a truth badge. Source presence ≠ support; capture association ≠ authenticity; rendering ≠ admission.