The infamous investing mega-loser Bill Hwang is finally facing a reckoning more than a year after his firm Archegos Capital collapsed and precipitated billions of dollars in losses across the financial markets.
On Wednesday, he and his former deputy Patrick Halligan were arrested and charged with wire fraud, securities fraud, and racketeering conspiracy for their role in allegedly using wild amounts of leverage and manipulating stocks to generate enormous returns. The firm imploded after some of its investments went south, sparking a domino effect that caused Hwang to lose $20 billion
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