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Finance

Archegos founder Bill Hwang arrested on U.S. fraud charges

Family office's collapse hurt Credit Suisse, UBS, Nomura and Morgan Stanley

Bill Hwang, pictured here in 2012, has been charged by U.S. authorities for using collapsed family office Archegos Capital Management as an "instrument of market manipulation and fraud." (Bloomberg via Getty Images)

NEW YORK/LONDON (Financial Times) -- Bill Hwang, founder of collapsed family office Archegos Capital Management, has been arrested by U.S. authorities and charged with racketeering, fraud and market manipulation.

The indictment unsealed on Wednesday accused Hwang, 58, and former Chief Financial Officer Patrick Halligan, 45, of using Archegos as an "instrument of market manipulation and fraud" with "far-reaching consequences for other participants in the United States securities markets.

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