Highlights

  • Wall Street investor Hwang, once worth billions, arrested
  • Hwang and Halligan used leverage to inflate their market positions

Latest news

Hebbevu Genetics Partners ACN Agropecuaria at ExpoZebu, Marks First Indian Presence at ABCZ in 70 Years

Hebbevu Genetics Partners ACN Agropecuaria at ExpoZebu, Marks First Indian Presence at ABCZ in 70 Years

Sudha Reddy Set to Represent India at the Global Stage of 2026 Met Gala

Sudha Reddy Set to Represent India at the Global Stage of 2026 Met Gala

Lokmat Excellence Awards 2026: Dr. Binu Varghese Honored for Social Service and Journalism

Lokmat Excellence Awards 2026: Dr. Binu Varghese Honored for Social Service and Journalism

India's remittances strong amid west Asia conflict, but govt support needed to reintegrate returning workers domestically: Morgan Stanley

India's remittances strong amid west Asia conflict, but govt support needed to reintegrate returning workers domestically: Morgan Stanley

"More power to you for next chapter!": Tiger Shroff congratulates Vijay as Tamil Nadu trends show strong gains

"More power to you for next chapter!": Tiger Shroff congratulates Vijay as Tamil Nadu trends show strong gains

"We already had the script": 'Devil Wears Prada' writer denies real-life inspiration behind billionaire acquisition storyline

"We already had the script": 'Devil Wears Prada' writer denies real-life inspiration behind billionaire acquisition storyline

How Expanding Digital Access Is Supporting Small Business Growth Across India

How Expanding Digital Access Is Supporting Small Business Growth Across India

Chanakya University inaugurates new academic block; Dharmendra Pradhan stresses India's higher education transformation for Viksit Bharat 2047

Chanakya University inaugurates new academic block; Dharmendra Pradhan stresses India's higher education transformation for Viksit Bharat 2047

Stock market manipulator faces 380 years in jail

Hwang was freed on $100 million bail while Halligan was let out on bail after on $1 million bond

 

Stock market manipulator faces 380 years in jail

Immigrant, investor and now in jail ...that is the story of Bill Hwang founder of Archegos Capital Management that allegedly scripted a fraud that shook the financial markets across continents.

The owner of a New York-based hedge fund that collapsed when it defaulted on margin calls has been arrested on charges alleging he defrauded leading global investment banks and brokerages.

Also read/watch| Twitter's legal head Vijaya Gadde trolled after Elon Musk's dig

The charges unsealed Wednesday in an indictment in Manhattan federal court named Bill Hwang, the founder of Archegos Capital Management, and his former chief financial officer, Patrick Halligan.

"The scheme was historic in scope. We allege that the defendants and their co-conspirators lied to banks to obtain billions of dollars that they then used to inflate the stock price of a number of publicly traded companies. The lies fed the inflation and the inflation fed more lies. Round and round it went. But last year, the music stopped. The bubble burst," said Damian Williams, United States Attorney for the Southern District of New York.

Also read/watch| Salmonella in children linked to the maker of popular Kinder Joy

They face racketeering conspiracy and other charges.

Hwang's attorney said lawyers were extremely disappointed with a prosecution that they believe has absolutely no factual or legal basis.

Halligan's lawyer said he is innocent and will be exonerated.

His downfall came after ViacomCBS Inc., one of Hwang’s big holdings, began to fall. Archegos couldn’t make the margin calls -- setting off panic inside the firm and at the banks that had lent Hwang billions. In the end, Archegos added $900 million in a day.

With his sweptback salt-and-pepper hair and donning a face mask, green turtleneck and tan pants, Hwang appeared in court Wednesday afternoon to enter his not guilty plea. He agreed to pay $5 million in cash and pledged two properties to secure a $100 million bond, while Halligan agreed to $1 million bail. Both men agreed to restrict their travel.

ADVERTISEMENT

Up Next

Stock market manipulator faces 380 years in jail

Stock market manipulator faces 380 years in jail

Centre plans to borrow Rs 8.20 lakh cr from market in first half of FY27

Centre plans to borrow Rs 8.20 lakh cr from market in first half of FY27

Reliance denies buying Iranian oil amid US sanctions waiver

Reliance denies buying Iranian oil amid US sanctions waiver

Premium petrol price up Rs 2, industrial diesel up Rs 22; no change in normal petrol, diesel rates

Premium petrol price up Rs 2, industrial diesel up Rs 22; no change in normal petrol, diesel rates

India's GDP expected to register over 8 pc growth in Sep-Dec: Report

India's GDP expected to register over 8 pc growth in Sep-Dec: Report

Govt announces seven measures to help boost exports

Govt announces seven measures to help boost exports

ADVERTISEMENT

editorji-whatsApp

More videos

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI proposes to compensate customers up to Rs 25,000 loss due to fraud

RBI proposes to compensate customers up to Rs 25,000 loss due to fraud

RBI raises GDP growth projection of Q1, Q2 of FY27

RBI raises GDP growth projection of Q1, Q2 of FY27

RBI pauses rate cuts, retains interest rate at 5.25 pc

RBI pauses rate cuts, retains interest rate at 5.25 pc

Rupee jumps 122 paise to close at 90.27 against US dollar on India-US trade deal

Rupee jumps 122 paise to close at 90.27 against US dollar on India-US trade deal

Stock markets cheer India-US trade deal: Sensex, Nifty surge 2.5 pc

Stock markets cheer India-US trade deal: Sensex, Nifty surge 2.5 pc

UPI transactions hit record high of Rs 230 lakh crore in 2025-26 till Dec: Govt

UPI transactions hit record high of Rs 230 lakh crore in 2025-26 till Dec: Govt

Explained: India-US trade deal, tariffs and trade benefits

Explained: India-US trade deal, tariffs and trade benefits

Trade deal with US adds momentum to India's growth ambition: Industry leaders

Trade deal with US adds momentum to India's growth ambition: Industry leaders

Rupee jumps 119 paise to 90.30 against the US dollar on India-US trade deal

Rupee jumps 119 paise to 90.30 against the US dollar on India-US trade deal

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.