Capture 440 million yuan!The former "Wall Street Legend" was sued in court by the former employee, and was also exploded to "personal worship"

According to Bloomberg, the former director and general manager of Brendan Sullivan, former director and general manager of Bill Hwang, Bill Hwang, Brendan Sullivan, filed a lawsuit against the company on Tuesday and recovered a prize of 50 million US dollars (about RMB 340 million). The money was forced to extend and was owed by the company.

In the lawsuit, Sullivan charged Bill Huang, former chief financial officer Patrick Halligan, and four other executives of the company's other executives to force employees to invest most of the annual bonuses into the Archegos extended salary plan, constituting fraud. He also said that Archegos executives told employees that the principal investing in the fund will be protected and "no downward risk". The return of the plan will never be lower than the previous natural year.

The claims of the lawsuit are concentrated on the ARCHEGOS extension compensation plan, which is described as "voluntary" by the company's management. Sullivan said that the management of "induction and coercion" key employees invest in, and said that the company requested that employees must choose whether to invest in the plan to make the highest amount before issuing bonuses.

In addition, Sullivan also revealed that Bill Huang's family funds are still "personal worship." The most important thing to stand in the company is Bill Huang's loyalty, not performance. However, Bill Huang's goal is to become "the richest person in the world."

Lawrence Lustberg, a lawyer of Bill Huang, rejected Bloomberg's comment request.

"Daily Economic News" reporter noticed that more than two months ago, the federal prosecutor of Manhattan announced a 59 -page prosecution, accusing Bill Huang and former chief financial officer Patrick Halligan of Patrick Halligan, which had 11 criminal charges. Including extortion, market manipulation, securities fraud, and telecommunications fraud, but neither of them pleaded guilty. According to Reuters, both of them have been released on bail, and Bill Huang's bail deposit is as high as $ 100 million.

In this regard, Sullivan's lawyer told Bloomberg that Archegos' fraud is not limited to the above two people. "Without the active assistance of senior managers, Bill Huang cannot deceive these employees."

According to media reports, in just 7 years, Bill Huang has increased 75 times that its management fund has become a legend of Wall Street's investment income. However, ARCHEGOS had a "burst incident" in March 2021. This incident caused a number of large Wall Street banks to lose billions of dollars, and Bill Huang also lost more than $ 20 billion in a few days.

Daily Economic News

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