The Securities and Exchange Commission (SEC, the US capital markets regulator) on Wednesday charged Archegos Capital Management founder Bill Hwang with a fraudulent scheme that “resulted in billions of dollars in losses”.
Archegos executives, including chief financial officer Patrick Halligan, were also indicted by the SEC.
In a statement, the SEC alleges that the defendants participated in interlinked schemes to manipulate the prices of publicly traded assets in Archegos’ portfolio and defraud major investment banks and global brokerages.
The schemes boosted Archegos’ portfolio from $1.5 billion to more than $36 billion in about a year, according to the SEC indictment.
The Swiss Credit Suisse and UBS, the Japanese Nomura and the American Morgan Stanley were some of the institutions affected by the Archegos fraud.
Source: CNN Brasil
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