Archegos founder Bill Hwang hit by US fraud charges

Bill Hwang, the founding father of collapsed household workplace Archegos Capital Management, has been arrested by US prosecutors, who allege that senior executives on the fund manipulated the costs of securities of their portfolios.

The workplace imploded a 12 months in the past, creating billions of {dollars} of losses for funding banks together with Credit Suisse, UBS, Nomura and Morgan Stanley after it defaulted on margin calls.

Hwang is likely one of the so-called Tiger Cub veterans of Julian Robertson’s Tiger Management fund.

The indictment accuses him and former chief monetary officer Patrick Halligan of utilizing Archegos as an “instrument of market manipulation and fraud”, which had “far-reaching consequences for other participants in the United States securities markets”.

It provides that Hwang and Halligan, together with a number of others, operated two interrelated felony schemes.

This is a growing story

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