The founder of Archegos Capital Management has been convicted of securities fraud in a scheme that prosecutors say cost global investment banks billions of dollars.
Bill Hwang, founder of Archegos Capital Management, arrives at federal court, Tuesday, July 9, 2024, in New York. – The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was convicted Wednesday of securities fraud in a scheme that prosecutors said cost global investment banks billions of dollars.
Hwang's lawyer had argued that his client was an honest investor who put money into stocks he believed in.to banks to get billions of dollars to grow his investment firm, which was based in New York. Its portfolio grew from $10 billion to $160 billion. Hwang’s attorney, Barry Berke, said he “didn’t live the life of a billionaire” and didn't make any misrepresentations to any banks about his business.
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