Archegos Founder Bill Hwang Found Guilty on Fraud Charges
Bill Hwang, the founder of Archegos Capital Management, was convicted Wednesday of manipulating stock prices and defrauding banks in a scheme that minted him a multibillion-dollar fortune before his firm collapsed in March 2021.
A New York federal jury found Hwang guilty of 10 out of 11 counts related to running a criminal conspiracy and committing securities and wire fraud. Patrick Halligan, Archegos’s former finance chief, was also found guilty for charges related to his role. The convictions have the potential to put Hwang, age 60, and Halligan, age 47, in prison for more than a decade.
Source: WSJ