Finance
Archegos Banks That Unwound Bets Face Criminal Antitrust Probe
- DOJ prosecutors ramping up scrutiny after Bill Hwang trial
- They’re examining whether banks colluded while unwinding bets
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The US Justice Department is ramping up scrutiny of banks that collectively lost billions of dollars in the collapse of Bill Hwang’s investment firm — mere months after scoring a conviction against him for deceiving those very firms.
Prosecutors in the Justice Department’s criminal antitrust division have kicked back to life a dormant probe examining how Hwang’s lenders unwound more than $150 billion in bets placed by his family office, Archegos, according to people familiar with the matter.