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Bill Hwang, left, departs federal court in New York on April 27, 2022. 

All of Wall Street should pay close attention.

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Federal prosecutors case against fallen billionaire investor Bill Hwang is the first in an upswing of federal investigations into a slew of suspected trading abuses. Three other broad inquiries have emerged in recent months to examine so-called block trades, short sales, and well-timed wagers. They all center on the same question: Are markets rigged?

Biden administration officials have spent the past year laying groundwork to pursue white-collar crime more aggressively, rolling out policy changessome disclosed, some notthat will make probes easier to start, faster to finish, and more punishing. And many Wall Street denizens dont yet seem to grasp whats happening.

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The Big Take. 

“Investigations are moving faster, subpoenas are being issued earlier and theres an increase in penalties.”

Liz Davis

Chair of law firm McGonigle and formerly of the CFTC

ICYMI

  • A prolific hedge fund wields billions to help banks unload stock. The U.S. is

    examining those symbiotic relationships.

  • A pattern of potentially very lucrative trading has taken shape on a once-obscure corner of Wall Street, spurring an

    insider-trading probe.

  • From Opinion: Archegos Founder Bill Hwang presumably did not want to lose all his money. So how did he think the story would

    end?

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