Archegos founder and CFO charged with fraud after early-morning US raid

Bill Hwang and Patrick Halligan accused of 11 criminal counts in case likely to trigger one of biggest recent Wall Street prosecutions

US prosecutors charged the founder and chief financial officer of collapsed investor Archegos Capital Management with fraud on Wednesday morning in a move that is likely to start one of the biggest Wall Street white-collar prosecutions in years.

Archegos founder Bill Hwang and his former top lieutenant, Patrick Halligan, were arrested at their homes and are expected to appear in court later today.