The SEC has sent subpoenas to major Wall Street banks regarding the hedge fund Situational Awareness, seeking information about its trading activity. The fund was forced to exit many of its positions last month after facing a wave of margin calls during the AI stock rout. Ken Griffin’s Citadel stepped in to buy the bulk of its public stock positions. Situational Awareness stated it will cooperate fully with any regulatory request. An SEC inquiry doesn’t necessarily mean a firm is the focus of an investigation and can end without enforcement action.
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