(Bloomberg) -- Bill Hwang, who rocked Wall Street with the implosion of Archegos Capital Management in 2021, has sat in his fraud trial for weeks listening...
-- Bill Hwang , who rocked Wall Street with the implosion of Archegos Capital Management in 2021, has sat in his fraud trial for weeks listening to testimony that his firm manipulated stock prices and lied to big banks to keep trading.Scholz’s SPD Suffers Record Rout in Germany’s EU Vote
They say they followed the law on disclosures by family offices — private firms devoted to managing an individual’s wealth — and used multiple counterparties to minimize risk, not to conceal the nature of their trading as the government contends.Like Becker, Tomita agreed to plead guilty and testify against them in hopes of leniency. During cross-examination, the defense has pressed Becker and other prosecution witnesses on how much direct interaction they had with Hwang.
“I thought that was a good lie to address a question like that from a counterparty,” Becker testified. Like Halligan and Becker, Tomita joined Hwang’s inner circle at his previous hedge fund, Tiger Asia Management, which he set up after working for Julian Robertson’s Tiger fund empire. In addition to hammering at Archegos’ trading practices, prosecutors have taken pains to lay out the raft of lies they say the firm fed its counterparties to maintain or expand its trading capacity. They kept Becker, the risk chief, on the stand for more than four days describing how Archegos lied to Credit Suisse, UBS Group AG, Jefferies Financial Group, Bank of Montreal, Nomura Holdings and other banks about the diversity and liquidity of its positions.
Scott Becker William Tomita Archegos Capital Management Bloomberg Archegos
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