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Bill Hwang arrested on fraud charges!

Patrick Boyle On Finance

CHAPTER

Introduction

The founder of arcico's capital management has been arrested on federal racketeering, fraud and market manipulation charges. He is accused of executing a vast scheme to manipulate stocks. Bill used total ret nswaps and lots of leverage, all of which were kindly provided by his prime brokers, to build enormous positions in stocks including viacom, c b s, discovery and a number of chinese companies listed on us. It would appear that bill's strategy was to pick a basket of around ten stocks and then, using leverage around a dozen prime brokers, buy an awful lot of them.

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