The collapse of Archegos – Bill Hwang’s family office that was virtually unknown even on Wall Street – exposed gaping holes in how major banks manage risk.
Bill Hwang, the enigmatic investor behind one of the most spectacular trading debacles in Wall Street history, was arrested on Thursday AEST over what federal prosecutors characterised as a vast, criminal scheme to mislead banks and manipulate markets.
A year on, Credit Suisse, among others, is still coping with the fallout. Hwang’s spectacular gains and losses extended to such well-known stocks as entertainment giant ViacomCBS.The two men were charged with 11 criminal counts, including racketeering conspiracy, market manipulation, wire fraud and securities fraud, according to an indictment unsealed on Wednesday . The US Securities and Exchange Commission and the Commodity Futures Trading Commission filed related civil complaints as well.
“The scale of the trading was stunning,” Williams told reporters on Wednesday. “This was not business as usual or some sophisticated strategy – it was fraud.”
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