{"id":546139,"date":"2022-04-28T03:57:25","date_gmt":"2022-04-28T03:57:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/charges-brought-against-the-man-behind-the-invisible-whale\/"},"modified":"2022-04-28T03:57:25","modified_gmt":"2022-04-28T03:57:25","slug":"charges-brought-against-the-man-behind-the-invisible-whale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/charges-brought-against-the-man-behind-the-invisible-whale\/","title":{"rendered":"Charges brought against the man behind the invisible whale"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Archegos founder, CFO arrested on 11 criminal counts, including security fraud:<\/strong> Archegos Capital Management founder Bill Hwang and CFO Patrick Halligan were indicted yesterday on charges of securities fraud, wire fraud, and racketeering. Both <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-27\/hwang-to-be-released-on-100-million-bond-after-not-guilty-plea\">pleaded not guilty<\/a> to the charges. Hwang posted a staggering USD 100 mn in <a href=\"https:\/\/www.reuters.com\/world\/us\/archegos-owner-hwang-former-cfo-halligan-charged-with-fraud-2022-04-27\/\">bail<\/a>, while Halligan was offered bail of USD 1 mn. Archegos is accused of bumping its portfolio from USD 1.5 bn to USD 35 bn in one year by using borrowed money for deceptive trading tactics, according to a statement from Manhattan US attorney Damian Williams cited by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-27\/archegos-founder-hit-with-criminal-charges-in-massive-fund-rout\">Bloomber<\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-27\/archegos-founder-hit-with-criminal-charges-in-massive-fund-rout\">g<\/a>. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31075772-f30b-4304-948c-a2e478d26365\">meltdown<\/a> saw banks \u2014 including Credit Suisse and Japan\u2019s Nomura Holdings \u2014 lose more than USD 10 bn upon the fund\u2019s collapse.<\/p>\n<p><strong>The story is everywhere in the foreign press<\/strong>, including <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-27\/archegos-founder-hit-with-criminal-charges-in-massive-fund-rout\">Bloomberg<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/archegos-founder-and-cfo-charged-with-securities-fraud-11651059901?mod=hp_lead_pos4\">Wall Street Journal<\/a> and the <a href=\"https:\/\/www.nytimes.com\/2022\/04\/27\/business\/archegos-bill-hwang-patrick-halligan.html\">New York Times<\/a>.<\/p>\n<p><strong>1Q 2022 earnings season continued yesterday:<\/strong><\/p>\n<ul>\n<li><strong>Solid performance at SODIC boosted Aldar Properties\u2019 bottom <\/strong><strong>line<\/strong>, with the UAE-based developer posting net income of AED 688 mn, up almost 27% y-o-y. (<a href=\"https:\/\/ent.news\/2022\/4\/aldar-q1-2022-financial-results-press-release-en-final.pdf\">Earnings release, pdf<\/a>)<\/li>\n<li><strong>Deutsche Bank<\/strong> has reported its highest quarterly earnings since 2013, announcing yesterday post-tax earnings of EUR 1.2 bn, up 18% on the same period in 2021. (<a href=\"https:\/\/www.db.com\/news\/detail\/20220427-deutsche-bank-reports-EUR-1-7-billion-profit-before-tax-in-the-first-quarter-of-2022?language_id=1\">Earnings release<\/a>)<\/li>\n<li><strong>Meta shares saw an <\/strong><strong><a href=\"https:\/\/www.cnbc.com\/quotes\/FB\">18% spike<\/a><\/strong><strong> in after-hours trading <\/strong>after the group out-earned investor expectations in 1Q, while subsidiary Facebook managed to grow its user base. (<a href=\"https:\/\/ent.news\/2022\/4\/Meta-03.31.2022-Exhibit-99.1_Final.pdf\">Earnings release, pdf<\/a>)<\/li>\n<\/ul>\n<p><strong>OTHER THINGS we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Americana Group taps banks for IPO:<\/strong> Americana Group, which operates KFC and Pizza Hut in MENA, has tapped First Abu Dhabi Bank, Goldman Sachs and SNB Capital to work on its planned IPO. The dual listing in Riyadh and Abu Dhabi could take place this year. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-27\/middle-east-kfc-operator-said-to-pick-banks-for-dual-listing?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>Dubai has launched an AED 370 mn VC fund for local startups. <\/strong>Managed by Dubai International Financial Centre (DIFC), which will stump up 15%, the new fund aims to drive the emirate\u2019s economic growth and secure its position as a global fintech, innovation, and VC hub. (<a href=\"https:\/\/hamdan.ae\/en-us\/news\/details?nid=4190&csrt=10785147193540819734\">Statement<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,718<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -10.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.44<\/p>\n<\/td>\n<td>\n<p>Sell 18.53<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.45<\/p>\n<\/td>\n<td>\n<p>Sell 18.53<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,644<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +20.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,025<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,688<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +15.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,184<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -12.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,426<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,735<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -13.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 104.85<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.27<\/p>\n<\/td>\n<td>\n<p>+6.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,886.60<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 39,261<\/p>\n<\/td>\n<td>\n<p>+2.8% (YTD: -15.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 767 mn (13.1% below the 90-day average). Foreign investors were net sellers. The index is down 10.3% YTD.<\/p>\n<p><strong>In the green: <\/strong>Mopco (+7.0%), Rameda (+6.1%) and Cleopatra Hospitals (+3.8%).<\/p>\n<p><strong>In the red: <\/strong>MM Group (-2.5%), Madinet Nasr Housing (-1.8%) and EFG Hermes (-1.5%).<\/p>\n<p><strong>Asian markets are up in early trading this morning<\/strong> as investors await the latest monetary policy move from Japan\u2019s central bank, <a href=\"https:\/\/www.cnbc.com\/2022\/04\/28\/asia-markets-bank-of-japan-monetary-policy-covid-in-china-currencies-oil.html\">set to be announced<\/a> this morning. Futures suggest major European and US indices will also open in the green later on today as the markets look set to mount a rebound following April\u2019s steep selloffs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Archegos founder, CFO arrested on 11 criminal counts, including security fraud: Archegos Capital Management founder Bill Hwang and CFO Patrick Halligan were indicted yesterday on charges of securities fraud, wire fraud, and racketeering. Both pleaded not guilty to the charges. Hwang posted a staggering USD 100 mn in bail, while Halligan was offered bail of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[215,1787,1788,380,163,302,72,119,78,7198,122,270,312,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546139","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aldar-properties","tag-americana-group","tag-archegos","tag-currencies","tag-dubai","tag-earnings","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-meta","tag-planet-finance","tag-russia","tag-sodic","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"7842c294-6fdb-4941-a8a2-c1faf757a3c3","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546112],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Charges brought against the man behind the invisible whale - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/charges-brought-against-the-man-behind-the-invisible-whale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charges brought against the man behind the invisible whale\" \/>\n<meta property=\"og:description\" content=\"Archegos founder, CFO arrested on 11 criminal counts, including security fraud: Archegos Capital Management founder Bill Hwang and CFO Patrick Halligan were indicted yesterday on charges of securities fraud, wire fraud, and racketeering. 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