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Investor Bill Hwang, once worth billions, indicted on fraud

Associated Press

NEW YORK (AP) — The owner of a New York-based hedge fund that collapsed when it defaulted on margin calls has been arrested on charges alleging he defrauded leading global investment banks and brokerages. The charges unsealed Wednesday in an indictment in Manhattan federal court named Bill Hwang, the founder of Archegos Capital Management, and his former chief financial officer, Patrick Halligan. Both were expected to appear later in the day in court. They face racketeering conspiracy and other charges. Hwang’s attorney said lawyers were extremely disappointed with a prosecution that they believe has absolutely no factual or legal basis. Halligan’s lawyer said he is innocent and will be exonerated.

Article Topic Follows: AP National Business

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