Hwang was convicted at a criminal trial in which prosecutors accused him of market manipulation ahead of the 2021 collapse of his $36 billion private investment firm
Archegos Capital Management founder Sung Kook “Bill” Hwang was convicted by a jury in Manhattan federal court on Wednesday at a criminal trial in which prosecutors accused him of market manipulation ahead of the 2021 collapse of his $36 billion private investment firm.
Hwang, 60, had pleaded not guilty to one count of racketeering conspiracy, three counts of fraud and seven counts of market manipulation. Hwang was convicted on 10 of the 11 counts. When the charges were brought in 2022, the U.S. Justice Department called the case an example of its commitment to hold accountable people who distort and defraud U.S. financial markets.
Hwang’s defence team painted the indictment as the “most aggressive open market manipulation case” ever brought by U.S. prosecutors. Hwang’s attorney Barry Berke told jurors in his closing argument that prosecutors criminalized aggressive but legal trading methods.
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