His hedge fund caused a collapse of over $100 billion in market value, prosecutors said.
Bill Hwang, founder of Archegos Capital Management, leaves Manhattan federal court after the first day of his corruption trial, Monday, May, 13, 2024, in New York.NEW YORK — A fraud trial began Monday for the founder of a hedge fund that cost leading global investment banks and brokerages billions of dollars when it collapsed.
Their scheme involved secret trading in stock derivatives that enabled their private investment fund to secretly build large positions in companies before it was unmasked as “a house of cards, built on manipulation and lies,” Assistant U.S. Attorney Alexandra Rothman told jurors in an opening statement.
“It doesn’t make any sense and you will find that,” Berke said. “He didn’t live the life of a billionaire.” The indictment said that Hwang led market participants to believe the prices of stocks in the fund’s portfolio were the product of natural forces of supply and demand, when in reality, they resulted from manipulative trading and deceptive conduct that caused others to trade.
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 derivative securities that had no public disclosure requirement to build its positions.
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