Archegos collapsed in March 2021, leaving banks with more than $10b in losses and sparking calls for more regulatory oversight. More than $100b in stock market value vanished in a matter of days. The U.S. attorney for the Southern District of New York described the purported scheme as historic in scope, alleging that defendants and their co-conspirators lied to banks to obtain billions of dollars in loans, which they then used to inflate the stock price of publicly traded companies.