The SEC Subpoenaed Four Banks. Situational Awareness Had Named Them on Form ADV.

Question 24 of Schedule D makes every private fund adviser list its prime brokers publicly. Situational Awareness listed four. Two of the three subpoena asks needed no subpoena.

Below the paid line:
- The full disclosure inventory: each of the three subpoena asks mapped to the rule, form or system that already carries it, with the citation
- The 13F growth series read off five EDGAR cover pages, $2.12 billion to $20.24 billion, and the General Instruction 4 note that let Form ADV Items 5 and 7 stay lawfully wrong
- The proposed $10 billion Form PF threshold worked against this fund’s own $9,278,344,000, and the $721,656,000 that separates them
- The Archegos theory stated at full strength, in the SEC’s own charging language, and what survives it
- Rule 13h-1(d)(2)(xii) and the next morning route to trade timing that needs no subpoena
- Five confounds I can’t rule out, including the one that most damages this piece