HomeChinese AmericanMan who increased wealth to $35b arrested on fraud charges

Man who increased wealth to $35b arrested on fraud charges

Federal agents Wednesday arrested Archegos Capital Management’s owner Bill Hwang along with his former financial manager, Patrick Halligan.

Bloomberg reports the 59 pages indictment accuses Hwang of misleading banks and manipulating markets. Both men are charged with 11 counts of racketeering conspiracy, market manipulation, wire fraud and securities fraud.

According to CNBC, Hwang’s wealth rose from $1.5 billion to $35 billion in one year, but everything collapsed leading to billions in losses for banks and even his own employees.

“The collapse of Archegos last spring demonstrated how activities by one firm can have far-reaching implications for investors and market participants,” said SEC chair Gary Gensler in a statement.

Hwang’s lawyer told The Insider the case against his client has no “factual or legal basis.” He said his client is innocent and that “there is no evidence whatsoever that he committed any kind of crime.”

Halligan’s attorney predicted his client would be exonerated.

Various banks lost $10 billion dollars including Credit Suisse, Nomura, and Morgan Stanley.

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