Hwang’s Spectacular Collapse Culminates in Criminal Charges
- He was arrested Wednesday, CFO Patrick Halligan also charged
- Lawyers for both Hwang and Halligan said they are innocent
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Bill Hwang, the enigmatic investor behind one of the most spectacular trading debacles in Wall Street history, was arrested Wednesday morning over what federal prosecutors characterized as a vast, criminal scheme to mislead banks and manipulate markets.
A year after the collapse of Hwang’s private investment firm, Archegos Capital Management, sent shock waves through global finance, prosecutors provided their first full account of what happened inside the firm – and new details about the scale of Hwang’s trading and the origins of his strategy.