Prosecutors accused Hwang of manipulating stock prices before the 2021 collapse of his $36-billion private investment firm
A jury in federal court in Manhattan is set to begin deliberations on Tuesday in the criminal case against Archegos Capital Management founder Sung Kook “Bill” Hwang, accused by prosecutors of manipulating stock prices before the 2021 collapse of his $36-billion private investment firm.
Hwang’s lawyer told jurors that the prosecution has criminalized aggressive but legal trading methods. A federal prosecutor painted a different picture, saying Hwang and Halligan unlawfully pumped up stock prices and lied about the holdings of Archegos to the banks with which they traded. Hwang, 60, pleaded not guilty to one count of racketeering conspiracy and 10 counts of fraud and market manipulation. Halligan, 47, pleaded not guilty to fraud and racketeering conspiracy. If convicted, they face maximum sentences of 20 years in prison on each charge, though any sentence would likely be much lower and would be imposed by the judge based on a range of factors.
Prosecutors have accused Hwang of secretly amassing outsized stakes in multiple companies without actually holding their stock. They have said Hwang lied to banks about the size of Archegos’ derivative positions to borrow billions of dollars that he and his deputies then used to inflate the underlying stocks.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Archegos’ Bill Hwang Makes Last Pitch to Jury Set to Decide His FateArchegos Capital Management founder Bill Hwang’s lawyer made his final pitch to a jury poised to start deliberating his fate, arguing the US government’s fraud and market-manipulation case over the meltdown of the prolific investor’s family office “makes no sense.
Read more »
Bill Hwang Faces Dangerous Archegos Testimony by His Head TraderBill 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.
Read more »
Bill Hwang Faces Dangerous Archegos Testimony by His Head Trader(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...
Read more »
Archegos founder Bill Hwang's fraud trial draws to a closeProsecutors will argue on Monday that Sung Kook 'Bill' Hwang should be convicted for his role in the 2021 collapse of his $36 billion fund Archegos Capital...
Read more »
Archegos Trader’s Tough Testimony Wipes Smile From Hwang’s FaceFor most of his trial, Archegos Capital Management founder Bill Hwang hasn’t looked like a man potentially facing decades in prison. Both inside and outside the courtroom, Hwang is often seen with a placid smile on his face.
Read more »
Archegos Judge at 90 Presides Over Jury Crash Course in FinanceThe trial of Bill Hwang, a onetime wizard of Wall Street, would have to wait. US District Judge Alvin Hellerstein had news.
Read more »