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He also maximized his wagers by borrowing significants amount of money from his brokers, increasing risks to banks.

Among stocks sold starting March 26 were GSX Techedu Inc. and Discovery Inc.The episode has rekindled fears of earlier hedge fund failures that blew holes in lenders’ balance sheets.

She referred specific questions to the SEC.Hwang is no stranger to the Wall Street regulator, which joined prosecutors in accusing him and his former hedge fund, Tiger Asia Management, of insider trading in 2012.

In resolving the case, the firm pleaded guilty and paid more than $60 million in penalties.

Hwang started Archegos after the SEC barred him from managing money on behalf of clients as part of the settlement.

Published On: Tue, 30 Mar 2021 18:25:32 GMT