‘God, Hwang and Archegos’: Insider Details of Collapsed Firm Revealed in Lawsuit
- Former employee sues to recover $50 million in lost bonuses
- Lawsuit claims family office operated as ‘personality cult’
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At Bill Hwang’s Archegos Capital Management, staffers publicly professed their allegiance to “God, Hwang and Archegos” and the founder often described himself as “the money guy who teaches the Bible to pastors.”
The “personality cult” of the collapsed family office is at the heart of a lawsuit filed Tuesday by former Archegos managing director Brendan Sullivan, who is seeking to recover $50 million he says is owed from deferred bonuses he was forced to invest with the company. Hwang, he says, did whatever it took to make money, with the goal of becoming the “richest person in the world.”