Archegos Execs Charged With Giant Fraud After Collapse
By Pete Brush and Max Jaeger (April 27, 2022, 8:36 AM EDT) -- The founder of Archegos, the personal hedge fund whose collapse last year left a $100 billion crater in the U.S. financial system, was charged Wednesday alongside several executives with defrauding banks and manipulating markets.
In 2020 and 2021, Archegos founder Sung Kook "Bill" Hwang, CFO Patrick Halligan, head trader William Tomita, and director of risk Scott Becker allegedly scammed the markets by lying about the since-fallen New York City-based fund's portfolio to secure bank loans that they used to fuel a securities-pumping scheme, according to the indictment.
Becker and Tomita have pled guilty to their roles in the scheme and are...
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