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What will be the length of Bill Hwang's prison sentence?
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Bill Hwang•Archegos Capital Management•Manhattan•Hwang•Patrick Halligan•Archegos•Halligan•Wall Street
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Court records and announcements from the Manhattan federal court
Story
Bill Hwang Found Guilty of Market Manipulation, Racketeering Conspiracy in 2021 Archegos Collapse
Jul 10, 2024, 08:36 PM
Bill Hwang, founder of Archegos Capital Management, was found guilty of criminal charges related to the 2021 collapse of his $36 billion private investment fund. The Manhattan federal jury convicted Hwang of market manipulation, securities fraud, and racketeering conspiracy, concluding a two-month trial. Prosecutors argued that Hwang, along with his deputy Patrick Halligan, manipulated stock prices and lied to banks, leading to significant financial losses. The collapse of Archegos resulted in over $100 billion in shareholder losses and left major banks with $10 billion in losses. The trial, which included 11 charges against Hwang and four against Halligan, captivated Wall Street and highlighted the risks associated with aggressive trading strategies. New evidence and tapes revealed the 72-hour collapse of Archegos, and the jury sought a clear definition of RICO conspiracy during deliberations.
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