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- The trial of former Archegos Capital Management head Sung Kook “Bill” Hwang and his deputy Patrick Halligan opens on Wednesday over their role in the failure of the investment firm, which collapsed in a span of days in 2021, causing billions of dollars in losses at global banks.
Prosecutors say the sell-off wiped out more than $100 billion in shareholder value at the companies that Archegos bet on and billions of dollars of losses at the banks that loaned it money.Hwang faces charges of racketeering, securities fraud and wire fraud along with seven counts of market manipulation. Halligan is charged with racketeering, wire fraud and securities fraud.
The market manipulation charges against Hwang allege that he engaged in or directed transactions in securities and securities-based swaps to raise or lower their prices and induce others to purchase those securities.Prosecutors allege the Archegos founder engaged in a securities fraud scheme to build positions in stocks and manipulate their prices.
The two men were also charged with wire fraud of counterparties. Wire fraud refers to fraud involving online and telecommunications networks.
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