The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the Staff of the Ridgewood blog
Tenafly NJ, Archegos Capital Management founder Bill Hwang put up a one-bedroom condominium in Fort Lee, New Jersey, alongside his family home in nearby Tenafly as part of the $100 million bond set by a judge to ensure he shows up in court on fraud charges.
the staff of the Ridgewood blog
Tenafly NJ, an indictment was unsealed today charging Sung Kook (Bill) Hwang, the founder and head of a private investment firm known as Archegos, and Patrick Halligan, Archegos’s Chief Financial Officer, with racketeering conspiracy, securities fraud, and wire fraud offenses in connection with interrelated schemes to unlawfully manipulate the prices of publicly traded securities in Archegos’s portfolio and to defraud many leading global investment banks and brokerages. Deputy Attorney General Lisa O. Monaco, U.S. Attorney Damian Williams for the Southern District of New York and Assistant Director-in-Charge Michael J. Driscoll of the FBI’s New York Field Office made the announcement. Both defendants were arrested earlier today and will be presented this afternoon before U.S. Magistrate Judge Jennifer E. Willis. The case has been assigned to U.S. District Judge Andrew L. Carter, Jr.
