Bill Hwang and Patrick Halligan are charged

Archegos Capital Management founder Bill Hwang and his CFO Patrick Halligan have been hit with fraud charges a year after the family office imploded spectacularly.

In a federal indictment unsealed on Wednesday, Hwang and Halligan were charged with 11 criminal counts, including racketeering conspiracy, market manipulation, wire fraud and securities fraud.

Prosecutors say that Hwang used Archegos as an 'instrument of market manipulation and fraud,' causing billions in losses for banks, other investors in financial markets, and their own employees.

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