Bill Hwang, founder of Archegos — a family office whose messy collapse cost banks billions last year — has been arrested and hit with federal criminal charges.
, as well as some other former Archegos employees, of fraudulently misleading brokerage firms and using deceptive and manipulative trading techniques to move market prices."Hwang and his co-conspirators duped some of Wall Street's leading banks. And how'd they do that? We allege that they lied, a lot," said Damian Williams, the U.S. Attorney for the Southern District of New York, during a press conference announcing the charges.
"They lied about how big Archegos' investments had become. They lied about how much cash Archegos had on hand. They lied about the nature of the stocks that Archegos held. And we allege that they told those lies for a reason, so that the banks would have no idea that Archegos was really up to a big market manipulation scheme.""We are extremely disappointed that the U.S.
"Bill Hwang is entirely innocent of any wrongdoing; there is no evidence whatsoever that he committed any kind of crime, let alone the overblown allegations that pervade this indictment."Hwang, a low-key former hedge fund manager, became a household name on Wall Street last year when the big bets he made — using large amounts of borrowed money — on movements in stocks such as Discovery Inc., and ViacomCBS, went south.
He was unable to meet margin calls from some of Wall Street's supposedly sophisticated brokerages operations, triggering a tumultuous series of events that ultimately saddled banks like Credit Suisse, Nomura Holdings, Deutsche Bank and Morgan Stanley with billions in losses.
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