Archegos founder Bill Hwang has been charged with racketeering, fraud and market manipulation in the US in connection with the collapse of the family office, according to a report by The Financial Times

In a 569-page indictment unsealed on Wednesday, prosecutors accused Hawng and former Archegos chief financial officer Patrick Halligan of using the New York-based firm as “an instrument of market manipulation and fraud, with far-reaching consequences for other investors in US equity markets".

Credit Suisse, UBS, Nomura and Morgan Stanley were among the investment banks to lose billions of dollars when ArchegoS defaulted on margin calls, wiping $100 billion from company valuations in the process.