The owner of a New York-based hedge fund that collapsed when it defaulted on margin calls was arrested Wednesday on charges alleging he defrauded leading global investment banks and brokerages of billions of dollars by telling them lies so his private investment firm could grow its portfolio from $10 billion to $160 billion.
The charges unsealed in an indictment in Manhattan federal court named Bill Hwang, the founder of Archegos Capital Management, and his former chief financial officer, Patrick Halligan. Both were expected to appear later in the day in court. They face racketeering conspiracy and fraud charges.
