Archegos implosion could lead to family-office regulation
Assessing the murky family-office world presents challenges, such as sorting out the different types. The SEC had targeted family office oversight for review this year even before the Archegos blowup.
April 8, 2021 3 MINS
When Archegos Capital Management recently stepped on a derivatives landmine, it may have set off an explosion that will have repercussions for advisory firms that manage wealthy families’ finances.
In late March, Archegos defaulted on margin calls involving swaps transactions that forced the sale of approximately $20 billion in underlying securities. The conflagration, which caused major investment banks to lose nearly $10 billion, is likely to draw regulatory scrutiny of family offices, a category that includes Archegos.
Papua New Guinea’s (PNG) crowded capital, Port Moresby, is the epicenter of the country’s latest COVID-19 outbreak.
The city recorded just five cases for all of January and 124 for last month. However, 108 cases have been confirmed in the first four days of this month as community transmission accelerated.
The country has reported only 1,492 confirmed cases for the entire COVID-19 pandemic, but the actual caseload is believed to be many times higher.
Fewer than 48,000 tests have been conducted across the country of nearly 9 million people since the beginning of the pandemic, and, in many remote parts of the country,
38-year-old Justin Musgraves, Lubbock's Deputy Director of Emergency Management who has been charged with possession of prepubescent child pornography, has pleaded not guilty.
Lubbock official pleads not guilty to federal child porn charge
A Lubbock city official will remain out on bond while he fights a federal child pornography charge filed against him.
Justin Musgraves appeared Wednesday morning with his attorney, David Guinn, before U.S. Magistrate Judge D. Gordon Bryant for an initial appearance and an arraignment hearing.
Musgraves, who was indicted on Feb 10. pleaded not guilty to a count of possession of child pornography involving a prepubescent minor. He was indicted Feb. 10.
Federal prosecutors did not file a motion to detain Musgraves while he awaits trial.
Bryant set a trial date for early April.