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Archegos ‘Duped’ the Biggest Banks on Wall Street, Feds Say

Damian Williams speaks during a news conference in New York, on April 27.
Damian Williams speaks during a news conference in New York, on April 27.Photographer: Mark Kauzlarich/Bloomberg
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It’s not often that the world’s biggest banks are portrayed as victims. 

But that is what Manhattan U.S. Attorney Damian Williams did in a press conference Wednesday, announcing the arrests of Archegos Capital Management founder Bill Hwang and his chief financial officer. Hwang and the CFO were charged with using Archegos as an “instrument of market manipulation and fraud.” They face decades in jail if found guilty. Lawyers for both men say they are innocent.