Archegos Capital Management transferred shares worth hundreds of millions of dollars to a charitable foundation that became a financial “escape pod” for Bill Hwang when crippling investment losses forced the closure of his investment firm, according to a civil lawsuit filed in New York.
The recipient, Hwang’s Grace and Mercy Foundation, sold the shares at a profit “within days”, the lawsuit claims.
The implosion of Hwang’s Archegos last year gripped Wall Street and led to billions of dollars of losses for several investment banks. The ease with which Hwang had managed to secure leverage from at least eight lenders, including Credit Suisse and Nomura, triggered scrutiny of their risk controls.
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