A jury in New York State has found Wall Street investor, Sung Kook ‘Bill’ Hwang, guilty of fraud and market manipulation.
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| Archegos Founder, Bill Hwang (m). Photo: Getty Images via variety.com |
This is coming three (3) years after the fall of his investment fund, Archegos Capital Management, which resulted in billions of dollars in losses for several top banks.
Hwang was accused by prosecutors of lying to lenders as he secretly accumulated huge bets on several companies.
At a point Archegos became unable to repay the banks which led to a mass sell-off of stocks and the fund collapsed.
Patrick Halligan, Hwang’s deputy at Archegos and co-defendant, was also found guilty on three counts he faced.
Both men will remain free on bail as sentencing has been scheduled for 28 October.
