How banks got caught in Archegos’s web of lies

Risk managers quizzed and confronted the firm, but lawsuits claim they were “systematically misled”

When Archegos Capital Management collapsed in March 2021, leaving banks with more than $10 billion in combined losses, much of the blame was placed on the shoulders of risk managers who failed to curb its disastrous bets.

Charges filed by US federal prosecutors and regulators on April 27 tell a different story – one in which banks were “systematically misled” as part of a deliberate scheme to manipulate stock prices.

Archegos repeatedly told banks its top holdings included Alphabet, Amazon and

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