New York
CNN
—
Federal brokers arrested Archegos Funds Management founder Sung Kook “Bill” Hwang on Wednesday early morning on fraud fees, around a single yr immediately after the financial commitment firm’s amazing meltdown despatched shock waves via Wall Road.
Prosecutors are charging equally Hwang and Patrick Halligan, the firm’s chief economic officer, with racketeering conspiracy, securities fraud and wire fraud offenses as component of schemes allegedly intended to “unlawfully manipulate” the price of publicly traded securities.
The alleged fraud pumped the portfolio of Archegos, a loved ones business, from $1.5 billion to a staggering $35 billion in the span