888 7th Ave, a building that reportedly houses Archegos Capital is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., March 29, 2021.
Carlo Allegri | Reuters
Archegos Capital Management owner Bill Hwang and the family office’s former chief financial officer, Patrick Halligan, were charged Wednesday with racketeering conspiracy, securities fraud and wire fraud, according to a statement from a U.S. district court.
The men are expected to appear in Manhattan federal court later Wednesday.
The court documents allege Hwang used his personal fortune to manipulate markets and commit fraud in a scheme that had far-reaching consequences. Over the course of about a year, Hwang’s wealth rose from about $1.5 billion to more than $35 billion, the documents said.
This story is developing. Please check back for updates.
