Bill Hwang, owner of investment fund Archegos Capital Management, was arrested this morning in New York along with his former chief financial officer, Patrick Halligan. The charges filed in Manhattan are fraud and stock manipulation.
According to investigators, Hwang used his personal fortune to manipulate the markets and commit fraud, which had far-reaching consequences. Over the course of about a year, Hwang's net worth increased from about $1,5 billion to more than $35 billion.
The bankruptcy of Archegos last year caused billions in losses for the banks.
