Archegos founder Bill Hwang found guilty in multibillion-dollar fraud trial

Bill Hwang, the founder of a hedge fund called Archegos Capital Management, has been found guilty of fraud by a Manhattan federal court. The collapse of his firm in 2021 caused significant financial losses and nearly brought down Wall Street. Hwang was convicted on 10 out of 11 criminal charges, and his deputy, Patrick Halligan, was also found guilty. Prosecutors alleged that Hwang’s family office lied to banks to hide massive stock purchases and artificially inflate stock values. The implosion of Archegos resulted in $100 billion in losses for shareholders and $10 billion for banks. Hwang’s lawyers argued that his trades were legal. If convicted, Hwang could face up to 20 years in prison for each charge.