Bill Hwang, the owner of Archegos Capital Management, and Patrick Halligan, the former chief financial officer, were arrested on Wednesday in connection with the family office’s collapse last year.

According to a statement from the U.S. district court, the men are due to appear in Manhattan federal court later Wednesday and are charged with racketeering conspiracy, securities fraud, and wire fraud.

Federal prosecutors allege in a 59-page indictment that Hwang exploited his personal money to influence markets and conduct fraud in a plan with far-reaching implications. According to the documents, Hwang’s net worth increased from $1.5 billion to more than $35 billion in less than a year.

Who is Bill Hwang?

Bill Hwang is a Wall Street investor based in New York City. According to the Wall Street Journal, Hwang lost $20 billion in ten days in late March 2021, causing significant losses for his bankers Nomura and Credit Suisse.

Hwang earned a bachelor’s degree in economics from UCLA and an MBA from Carnegie Mellon University’s Tepper School of Business.

He is a co-founder of the Grace and Mercy Foundation, which is a non-profit organization. In 2018, the foundation’s assets totaled more than $500 million. The offices of Hwang are in Manhattan.

Hwang is a passionate follower of Christ. His father was a minister, and he grew up in a church.

Is Bill Hwang still a billionaire?

The extent of Bill Hwang’s fortune is unknown. Former employees have complained that while they were laid off, Hwang could still be worth a billion dollars through private investments and other holdings outside of Archegos.

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