Archegos Capital Management Founder Bill Hwang Found Guilty of Fraud and Market Manipulation

Archegos Capital Management founder Bill Hwang was found guilty of fraud and market manipulation by a jury in New York. Prosecutors accused Hwang of lying to lenders about secretly amassing large bets on several companies through Archegos. When Archegos could not repay its loans to major banks after its bets went sour, it caused billions in losses and prompted a mass sell-off of stocks, leading to the fund's collapse. Hwang and his deputy Patrick Halligan, who were both on trial, were found guilty on charges of racketeering conspiracy, fraud, and market manipulation. They face sentencing on October 28th.