Darryl Cohen allegedly carried out the scheme with a financial planner, an NBA agent and a former stockbroker.
The FTX co-founder allegedly used political contributions in an attempt to shape crypto policy and regulation.
Federal prosecutors said eight men used social media platforms to promote stocks they owned.
The SEC said FTX's Sam Bankman-Fried diverted billions in customer funds to help grow his other entities.
The lawsuit claims FTX used celebrities to funnel unsophisticated investors into a Ponzi scheme.
The fall of Archegos cost banks $10 billion and exposed huge problems in how risk is managed.
The lead plaintiff in the case first complained about discrimination at the bank 18 years ago.
The business is being accused of making false statements about a bitcoin futures contract.
The agreement calls for the firm to pay $3.2 billion in restitution to victims of the fraud.
Federal prosecutors said Hwang used Archegos as an “instrument of market manipulation and fraud.”
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