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Archegos founder on trial for securities fraud
The Straits Times
|May 14, 2024
Archegos founder Bill Hwang was scheduled to go on trial on May 13 for alleged securities fraud and market manipulation, prosecutors said, following the fund's spectacular 2021 implosion that cost large banks billions of dollars.
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The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses.
The 2021 collapse of the fund sent shock waves through financial markets and caused US$10 billion (S$13.5 billion) in losses for Credit Suisse, Nomura, Morgan Stanley and other leading financial institutions.
Hwang and Patrick Halligan, chief financial officer of Archegos, were both arrested by the Federal Bureau of Investigation in April 2022.
"Their alleged crimes jeopardised not only their own company but also innocent investors and financial institutions around the world," Deputy Attorney-General Lisa Monaco told reporters at the time.
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