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 and market manipulation 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 in his opening statement that his client “didn’t live the life of a billionaire” and didn't make any misrepresentations to any banks about his business.
The indictment said the investment public did not know Archegos had come to dominate the trading and stock ownership of multiple companies because it used securities that had no public disclosure requirement. At one point Hwang and his firm secretly controlled over 50 percent of the shares of ViacomCBS, prosecutors said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Founder of collapsed hedge fund Archegos Capital is convicted of securities fraud schemeThe founder of Archegos Capital Management has been convicted of securities fraud in a scheme that prosecutors say cost global investment banks billions of dollars.
Read more »
Founder of collapsed hedge fund Archegos Capital is convicted of securities fraud schemeThe founder of Archegos Capital Management has been convicted of securities fraud in a scheme that prosecutors say cost global investment banks billions of dollars.
Read more »
Archegos Capital founder convicted of securities fraudNEW YORK (AP) — The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was convicted Wednesday of securities fraud in a scheme
Read more »
Archegos founder Bill Hwang convicted at criminal trial over $36B fund's collapseThe Archegos meltdown sent shock waves across Wall Street and drew regulatory scrutiny on three continents.
Read more »
Archegos founder Bill Hwang convicted at criminal trial over fund's collapseHwang, 60, had pleaded not guilty to one count of racketeering conspiracy, three counts of fraud and seven counts of market manipulation.
Read more »
Polychain Capital and Borderless Capital lead $8 million seed round for blockchain firm OpenLedgerOpenLedger builds out permissionless and data-focused infrastructure for artificial intelligence development.
Read more »