U.S. charges Archegos founder Hwang with 'massive' fraud

STORY: Archegos, a family office run by former Tiger Asia manager Hwang, defaulted on margin calls in March of last year, leaving big name banks nursing heavy losses and sparking a fire sale of shares including ViacomCBS VIAC.O and Discovery Inc DISCA.O.

The blowup cost global banks including Credit Suisse CSGN.S, Nomura Holdings 8604.T, Morgan Stanley MS.N and Deutsche Bank DBKGn.DE more than $10 billion in losses.

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