July 23, 2024

AndronETalksNews

AndronETalksNews

Archegos founder Bill Hwang to face SEC fraud charges over $36B firm’s epic collapse

New York Post

By Reuters
Published Sep. 19, 2023, 2:38 p.m. ET

A federal judge on Tuesday rejected Bill Hwang’s bid to dismiss a Securities and Exchange Commission lawsuit accusing him of fraud that led to the March 2021 collapse of his $36 billion firm Archegos Capital Management.

US District Judge Paul Oetken in Manhattan said the SEC plausibly alleged that Hwang and Archegos, which is also a defendant, intentionally concealed the risks they were taking in their bid to illegally manipulate markets and artificially inflate the value of their largest stock holdings.

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