Archegos Founder Bill Hwang and CFO Charged With Securities Fraud

By Nishita

Bill Hwang, the owner of Archegos Capital Management, and its former chief financial officer, Patrick Halligan, have been prosecuted with conspiracy and securities fraud. Hwang was discharged on a $100 million bail bond accompanied by two homes with $5 million cash. According to U.S. Magistrate Judge Jennifer Willis, Halligan was released on a $1 million bond.

Federal authorities accused Hwang of using his money to influence marketplaces. They defrauded in a plan that had far-reaching implications and left banks liable for more than $10 billion, according to a 59-page indictment released.

Litigation has now been lodged by the Securities and Exchange Commission and the Commodity Futures Trading Commission, in conjunction with the actions undertaken by the United States Attorney's Office for the Southern District of New York.