Archegos’s Former Risk Director Settles SEC Claims
(Bloomberg) -- Archegos Capital Management's former head risk manager reached a partial settlement of SEC claims he aided a massive fraud at the firm, a family office that invested the holdings of Bill Hwang.
Scott Becker, who is cooperating with prosecutors in a parallel, criminal case, agreed on Tuesday to an order barring him from violating securities laws and deferring questions of civil penalties, disgorgement of illegal gains and a possible bar on acting as an officer or director of a public company, which will be decided by a judge.
Hwang and Archegos's former chief financial officer, Patrick Halligan, were arrested last week and charged with what federal prosecutors characterized as a vast criminal scheme to mislead banks and manipulate markets. Both men pleaded not guilty.
Becker and Archegos's former head trader, William Tomita, previously pleaded guilty to charges including fraud and conspiracy and are cooperating with prosecutors in hopes of receiving reduced sentences.Â
As part of the civil settlement with the U.S. Securities and Exchange Commission, Becker agreed that he won't contest the truth of the SEC's allegations for purposes of determining whether he will have to pay penalties or be subject to an officer and director bar.
The case is SEC v. Hwang, 22-cv-03402, U.S. District Court, Southern District of New York (Manhattan).
Read More
- Two Former Archegos Employees Cooperating With Government Probes
- Bill Hwang Archegos Catastrophe Was Wilder Than Anyone KnewÂ
- Hwang's Spectacular Collapse Culminates in Criminal ChargesÂ
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
