Archegos Founder Bill Hwang Faces SEC Fraud Charges in $36B Firm's Collapse
Bill Hwang, the founder of Archegos Capital Management, will face SEC fraud charges over the firm's $36 billion collapse in March 2021. A federal judge rejected Hwang's bid to dismiss the lawsuit, stating that the SEC had plausibly alleged that Hwang and Archegos intentionally concealed risks and manipulated markets to inflate stock values. The judge dismissed some fraud-based claims against Archegos' former CFO but allowed the SEC to pursue claims against another executive. The Department of Justice's request to put the SEC civil case on hold was granted to pursue related criminal charges. Hwang's and the CFO's trial is scheduled for February 2024.