Archegos founder Bill Hwang charged in massive stock market fraud

Bloomberg via Getty Images

"We allege that these defendants and their co-conspirators lied to banks to obtain billions of dollars that they then used to inflate the stock price of a number of publicly-traded companies," said Manhattan U.S. Attorney Damian Williams."The lies fed the inflation, and the inflation led to more lies. Round and round it went."

"We are extremely disappointed that the U.S. Attorney’s Office has seen fit to indict a case that has absolutely no factual or legal basis; a prosecution of this type, for open-market transactions, is unprecedented and threatens all investors," Lustberg said in a statement.

The criminal charges followed the spectacular implosion, in March 2021, of Archegos, which lost billions in mere days. Prosecutors said Hwang traded in a way that hid the true size of his positions from the rest of the investing public.

Isn’t that true of most financial firms and why aren’t they all in prison

회개와거룩함사역회 BUSAN 돈이 사람을 타락하게 만드는 독약입니다 회개하십시오 메시아가 오십니다 EternalThroneOfGod

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

‘It’s a sign of me buying.’ Bill Hwang, the man who manipulated stocksThe indictment of Bill Hwang reveals the mechanics of an operation that drove the trading of certain tech stocks just as today’s Nasdaq plummets It’s about time we abandon centralised institutions and move to decentralisation. Solved
Fuente: MarketWatch - 🏆 3. / 97 Leer más »