01:56 PM EDT, 05/23/2024 (MT Newswires) -- Goldman Sachs ( GS ) was the beneficiary of an inadvertent $470 million transfer from Archegos Capital Management in the middle of the blowup that wiped out Bill Hwang's family office in 2021, Bloomberg reported Thursday

As its positions plummeted in March 2021, Archegos began trying to pull excess cash from its trading accounts. An Archegos staffer intended to withdraw $470 million from Goldman but instead accidentally wired that amount to the bank, a previously undisclosed episode that emerged during Hwang's trial for alleged fraud and market manipulation, according to the report.

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