Wall Street investor Hwang, once worth billions, arrested

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — 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. 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. Hwang was released on $100 million bail and Halligan was freed on $1 million bail after both pleaded not guilty to 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.