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The protagonist of the Big Bang of the Century was found guilty of causing Wall Street to lose billions of dollars in blood

2024-07-11 05:01:06
On July 11, Bill Hwang, founder of Archegos Asset Management, was criminally charged for his company's 2021 bankruptcy. A two-month trial ended on Wednesday. A US jury handed down guilty verdicts to Bill Hwang and co-defendant, Chief Financial Officer Patrick Halligan. Bill Hwang, 60, pleaded not guilty to one count of conspiracy to defraud, three counts of fraud and seven counts of market manipulation, but was convicted on 10 of the 11 counts. Now, each conviction carries a maximum sentence of 20 years in prison, although any sentence could be much lower. < br > < br > According to prosecutors, Bill Hwang secretly amassed huge stakes in multiple companies without actually holding shares. Archegos' market position ballooned to $160 billion at one point as they adopted a deceptive trading strategy that hid their true size from the market. This allowed Bill Hwang and his hedge fund to remain anonymous due to the use of borrowed money and derivative securities that did not require public reporting. < br > < br > Archegos collapsed in March 2021 as Wall Street scrambled to liquidate Archegos-related positions. When the dust settled, it caused losses of more than $10 billion to counterparties including Credit Suisse Group, Morgan Stanley and Nomura. The incident also sowed the seeds of the Credit Suisse bankruptcy. < br > < img src = "https://flash-scdn.jin10.com/5495eb03-36ed-4712-9e9b-f79ded3b7cd6.jpg" referrerpolicy = "no-referrer" >