Bill Hwang Convicted of Fraud Over Archegos Fund Collapse

Sung Kook "Bill" Hwang has been found guilty by a jury in Manhattan federal court on charges of fraud and other crimes related to the collapse of his private investment firm, Archegos Capital Management. The jury convicted Hwang on 10 out of 11 criminal counts, while his deputy and co-defendant, Patrick Halligan, was found guilty on all three counts he faced. The verdict comes after prosecutors accused Hwang of market manipulation ahead of the 2021 implosion of Archegos, which at its peak had $36 billion in assets. Specifically, Hwang was accused of lying to banks about the size of derivative positions, resulting in multi-billion dollar losses.