Archegos Capital Management’s founder guilty of 10 of 11 criminal counts over 2021 collapse of $36bn investment firm
Sung Kook “Bill” Hwang, the Archegos Capital Management founder, was convicted of fraud and other charges by a jury in Manhattan federal court on Wednesday. Prosecutors at a criminal trial had accused him of market manipulation ahead of the 2021 collapse of his $36bn private investment firm.
The jury, which began deliberations on Tuesday, found Hwang guilty on 10 of 11 criminal counts and Patrick Halligan, his Archegos deputy and co-defendant, guilty on all three counts he faced. Hwang and Halligan sat flanked by their lawyers as the verdict was read by a soft-spoken foreperson.