Legal
Archegos Co-CEO Drops Bid for Hwang Money After US Opposition
- Prosecutors called Andy Mills a ‘knowing participant’ in fraud
- Mills withdrew claim for deferred compensation as Hwang victim
Archegos Capital Management’s founder Bill Hwang
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Archegos Capital Management’s former co-chief executive officer abandoned efforts to recoup losses from the firm’s collapse after prosecutors said he was a “knowing participant” in founder Bill Hwang’s fraud rather than a victim.
Andy Mills was among at least 20 former employees who sought $32 million as victims of Hwang, who was convicted last year and sentenced to 18 years in prison. But the government opposed claims for deferred compensation from Mills and two others, trader Daiki Taniguchi and analyst David Park. None of the three was charged with a crime or sued by regulators over their work at Archegos.