Washington, D.C. — Commodity Futures Trading Commission Commissioner Caroline D. Pham today released the following statement regarding charges against Archegos Capital Management:

“Yesterday the CFTC charged Archegos Capital Management and three of its employees with engaging in a scheme to defraud its swap counterparties in violation of the Commodity Exchange Act and CFTC rules—a scheme that resulted in more than $10 billion dollars in losses.  I commend the efforts of the Division of Enforcement staff in prosecuting misconduct that undermines the integrity of the derivatives markets.”