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Remarks as Delivered

Thank you so much, Damian, and good afternoon, everyone. We are here today because of the swift action of the prosecutors of the Southern District of New York working with federal, and state and local law enforcement partners. We are here today to hold accountable multiple corporate executives from Archegos Capital Management, whose alleged crimes jeopardized not only their own company, but also innocent investors and financial institutions around the world. 

Let me just make a few points.

First, I am in New York today because this is exactly the kind of criminal case that the Department of Justice should prioritize — and we will continue to do so. I want to commend the incredible hard work of the women and men of the Southern District of New York, of the FBI and our law enforcement partners, not just for their exceptional investigative work, but for the speed with which they have conducted this investigation. 

Cases against corporate executives are among the most complex that the Department of Justice brings. And the Southern District of New York continues to spearhead these types of investigations, and the department’s leadership is committed to ensuring that this office and others across the country have the resources to bring even more. 

Second, this announcement reflects the Justice Department’s continued effort to impose individual accountability on those who commit corporate crime. 

As the Attorney General and I have made clear, it is unambiguously this department’s first priority in corporate criminal matters to prosecute the individuals who commit corporate crime and who profit from corporate malfeasance – including when those individuals occupy the C-Suite. 

We will hold accountable those that break the law, and we will promote respect for the laws designed to protect investors, consumers and employees.   

Finally, this case reaffirms that when executives commit crimes, those crimes — and that conduct — affect companies and ordinary citizens alike. 

As I know from my own experience as a prosecutor, this kind of crime — the kind that leaves a financial crater in its wake — this kind of crime jeopardizes pensions, savings and jobs. 

We are committed to doing all we can to root out corruption in financial markets and to hold accountable those who perpetrate fraud on the investing public.  

Now let me turn it back over to the U.S. Attorney. 

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