The founder of Archegos Capital Management was arrested Wednesday and charged with racketeering conspiracy, securities fraud, and wire fraud for orchestrating a multibillion-dollar market manipulation scheme that resulted in the U.S. hedge fund’s collapse.
Bill Hwang was indicted in the Southern District of New York, along with former Archegos Chief Financial Officer Patrick Halligan. Chief Risk Officer Scott Becker pleaded guilty to charges of conspiracy to commit racketeering conspiracy, securities fraud, and wire fraud in relation to the alleged scheme, while head trader William Tomita also pleaded guilty to similar charges, plus market manipulation.
