Investment firm head arrested on charges of multibillion-dollar fraud and racketeering
CNN
Federal agents arrested Archegos Capital Management founder Sung Kook "Bill" Hwang on Wednesday morning on fraud charges, roughly one year after the investment firm's spectacular meltdown sent shock waves through Wall Street.
Prosecutors are charging both Hwang and Patrick Halligan, the firm's chief financial officer, with racketeering conspiracy, securities fraud and wire fraud offenses as part of schemes allegedly designed to "unlawfully manipulate" the price of publicly traded securities.
The alleged fraud pumped the portfolio of Archegos, a family office, from $1.5 billion to a staggering $35 billion in the span of just one year, according to prosecutors.
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