Bill Hwang, the founder of Archegos Capital Management, and Patrick Halligan, the CFO, were charged with racketeering conspiracy, securities fraud and wire fraud. Story continuesThe criminal charges followed the spectacular implosion, in March 2021, of Archegos, which lost billions in mere days. Prosecutors said Hwang traded in a way that hid the true size of his positions from the rest of the investing public. The alleged criminal conduct pumped Archegos’ portfolio – Hwang’s personal fortune – from $1.5 billion to $35 billion in one year, according to prosecutors. Archegos founder Bill Hwang charged in massive stock market fraud originally appeared on abcnews.go.com

Source: ABC News April 27, 2022 21:51 UTC