The SEC has issued subpoenas to Goldman Sachs, JPMorgan, Citigroup and Bank of America as part of its investigation into the hedge fund Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner. The fund, which managed over $30 billion and had posted net gains of 439% in early 2026, collapsed within weeks after its leveraged positions reversed. It had to sell most of its equity portfolio to Citadel at fire-sale prices to meet margin calls. The US regulator is examining the timing of transactions that triggered the margin calls and communications between the fund and its main creditors.
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