(Bloomberg) -- Two former senior executives at Archegos Capital Management are cooperating with U.S. government probes into swaps trading that fueled last year’s spectacular implosion of Bill Hwang’s family office.
William Tomita, who was previously Archegos’ head trader, and Scott Becker, who was the firm’s director of risk management, pleaded guilty and were cooperating with authorities, Manhattan U.S. Attorney Damian Williams told reporters. The two have also agreed to work with the Commodity Futures Trading Commission, which along with the Securities and Exchange Commission, sued several current and former Archegos executives earlier Wednesday.
The revelation that Tomita and Becker are cooperating may be a problematic sign for Hwang and Chief Financial Officer Patrick Halligan, who were both arrested and charged earlier in the day.
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