The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was found guilty of securities fraud in a trial on Wednesday. Bill Hwang received a conviction on 10 criminal counts while being acquitted of one market manipulation charge. Prosecutors in New York alleged that Hwang and his accomplices manipulated the values of around twelve stocks, resulting in substantial losses for global investment banks, estimated to be in the billions of dollars. The scheme ultimately led to a market value decline of $100 billion and the demise of his company.
During the reading of the verdict, Hwang remained composed, drinking water as the jury delivered the decision. His defense lawyer contended that Hwang was a genuine investor who placed his trust in stocks he genuinely believed in.