#Archegos founder Bill Hwang arrested, charged with fraud

#Archegos founder Bill Hwang arrested, charged with fraud

“Archegos founder Bill Hwang arrested, charged with fraud” Archegos Capital Management founder Bill Hwang and the fund’s chief financial officer Patrick Halligan were arrested Wednesday by federal agents on criminal charges including securities fraud, wire fraud and racketeering. In a lawsuit filed in the Southern District of New York, US prosecutors allege Hwang — whose…

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#Credit Suisse probed over compliance with Russia sanctions

#Credit Suisse probed over compliance with Russia sanctions

“Credit Suisse probed over compliance with Russia sanctions” US lawmakers are probing Credit Suisse Group’s compliance with sanctions related to Russia’s invasion of Ukraine and have asked the Swiss bank to provide all relevant documentation. Credit Suisse was asked to hand over documents related to the financing of yachts and private jets owned by potentially sanctioned…

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#Russians have up to 3 billion stashed in Swiss banks

#Russians have up to $213 billion stashed in Swiss banks

“Russians have up to $213 billion stashed in Swiss banks” ZURICH — Switzerland’s secretive banks hold up to $213 billion of Russian wealth, the country’s financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults. The Swiss Bankers Association (SBA) estimated that the banks hold between 150 billion and 200…

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#Senate Banking chair presses Wall Street banks on Archegos ties

#Senate Banking chair presses Wall Street banks on Archegos ties

“#Senate Banking chair presses Wall Street banks on Archegos ties” The Democratic chair of the Senate Banking Committee has written to several large banks, including Credit Suisse and Japan’s Nomura, asking them for information on their relationship with New York-based Archegos Capital Management after the fund imploded last month. Sen. Sherrod Brown (D-Ohio) asked the…

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#Credit Suisse reveals .7B hit from Archegos chaos

#Credit Suisse reveals $4.7B hit from Archegos chaos

“#Credit Suisse reveals $4.7B hit from Archegos chaos” Archegos Capital Management’s massive blowup cost Credit Suisse $4.7 billion, the Swiss bank revealed Tuesday as it pushed out two top executives in the scandal’s wake. Credit Suisse said it expects to post a roughly $959 million loss for the first quarter following the giant margin call…

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