The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses.
The 2021 collapse of the fund sent shock waves through financial markets and caused US$10 billion (S$13.5 billion) in losses for Credit Suisse, Nomura, Morgan Stanley and other leading financial institutions.
Hwang and Patrick Halligan, chief financial officer of Archegos, were both arrested by the Federal Bureau of Investigation in April 2022.
"Their alleged crimes jeopardised not only their own company but also innocent investors and financial institutions around the world," Deputy Attorney-General Lisa Monaco told reporters at the time.
هذه القصة مأخوذة من طبعة May 14, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 14, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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