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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.
Archegos Capital Management’s owner, Bill Hwang, and its former chief financial officer, Patrick Halligan were charged with racketeering conspiracy, securities fraud, and wire fraud offenses.
Federal authorities said Hwang used Archegos as an “instrument of market manipulation and fraud,” causing billions of dollars in losses for banks, financial market investors and its own employees.
According to reports, the alleged fraud artificially inflated Archegos’s portfolio from $1.5 billion to $35 billion in one year. 
The men used Archegos to defraud market participants by “manipulating, controlling and artificially affecting the market for certain securities in Archegos’s portfolio,”, according to an indictment released Tuesday.
They also “repeatedly made materially false and misleading statements about Archegos’s portfolio of securities to numerous leading global investment banks and brokerages,” which encouraged them to trade with and extend credit to Archegos, the goverment said.

Stock market manipulator faces 380 years in jail

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.

Hwang was freed on $100 million bail while Halligan was let out on bail after on $1 million bond
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Immigrant, investor and now in jail ...that is the story of&nbsp;Bill Hwang&nbsp;founder of&nbsp;Archegos Capital Management that allegedly scripted a fraud that shook the financial markets across continents.&nbsp;
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.
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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.
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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&rsquo;s big holdings, began to fall. Archegos couldn&rsquo;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.
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