Prosecutors accuse Hwang of using financial contracts known as total return swaps to secretly amass outsize stakes in multiple companies without actually holding their stock
Sung Kook 'Bill' Hwang, the founder and head of private investment firm Archegos, leaves the Manhattan federal courthouse, in New York, on April 27, 2022.The trial of Sung Kook “Bill” Hwang kicks off with opening statements in Manhattan federal court on Monday on charges stemming from the 2021 collapse of his $36-billion fund Archegos Capital Management.
Testimony in the trial, which could last up to eight weeks, will centre on the implosion of Hwang’s lightly regulated family investment office Archegos, which prosecutors allege caused more than $100-billion in shareholder losses at companies in its portfolio. His positions were so large they eclipsed that of the companies’ largest investors, driving up stock prices, prosecutors say. At its peak, they say, Archegos had $36-billion in assets and $160-billion of exposure to equities.
Prosecutors claim Hwang and former Archegos Chief Financial Officer Patrick Halligan, who is also on trial, lied about their holdings to sustain their business relationship with global banks.
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.
Bill Hwang’s trial begins over collapse of his US$36-billion Archegos fundThe trial is expected to last up to eight weeks and will delve into the implosion of Hwang’s lightly regulated family investment office, which prosecutors allege caused more than $100-billion in shareholder losses
Read more »
Bill Hwang trial over $36 billion Archegos collapse begins with opening statementsExplore stories from Atlantic Canada.
Read more »
Trump set to return to court for opening statements in his historic hush money trialOpening statements in Donald Trump’s historic hush money trial are set to begin. The statements will set the stage for weeks of testimony about the former...
Read more »
Defense calls Trump ‘innocent’ in opening statements in hush money trialNEW YORK (AP) — In opening statements in Donald Trump's historic hush money trial, prosecutors said Monday that the former president “orchestrated a criminal scheme to corrupt” the 2016 presidential election.
Read more »
Defense calls Trump ‘innocent’ in opening statements in hush money trialNEW YORK (AP) — In opening statements in Donald Trump's historic hush money trial, prosecutors said Monday that the former president “orchestrated a criminal scheme to corrupt” the 2016 presidential election.
Read more »
Defense calls Trump ‘innocent’ in opening statements in hush money trialNEW YORK (AP) — In opening statements in Donald Trump's historic hush money trial, prosecutors said Monday that the former president “orchestrated a criminal scheme to corrupt” the 2016 presidential election.
Read more »