The Archegos crisis sentout shock waves throughout Wall Street and drew regulative analysis on 3 continents.
Published On 10 Jul 2024
Archegos Capital Management creator Sung Kook “Bill” Hwang hasactually been foundedguilty of scams and other charges by a jury in a Manhattan federal court at a criminal trial in which districtattorneys implicated him of market adjustment ahead of the 2021 collapse of his $36bn personal financialinvestment company.
On Wednesday, the jury, which started considerations on Tuesday, discovered Hwang guilty on 10 of 11 criminal counts, and Patrick Halligan, his Archegos deputy and co-defendant, guilty on all 3 counts he dealtwith. Hwang and Halligan sat flanked by their attorneys as the decision was checkedout by a soft-spoken foreperson.
United States District Judge Alvin Hellerstein set the sentencing for October28 Both males will stay totallyfree on bail.
The Archegos disaster sentout shock waves throughout Wall Street and drew regulative examination on 3 continents. Prosecutors have stated Hwang and Halligan lied to banks in order to acquire billions of dollars that they utilized to synthetically pump up the stock costs of several openly traded business. The trial started in May.
Hwang, 60, had pleaded not guilty to one count of racketeering conspiracy, 3 counts of scams and 7 counts of market adjustment. Halligan, 47, had pleaded not guilty to one count of racketeering conspiracy and 2 counts of scams. Halligan was the chief monetary officer at Archegos.
They now face optimum sentences of 20 years in jail on each charge for which they were foundedguilty, though any sentence would mostlikely be much lower and would be enforced by the judge based on a variety of aspects.
When the charges were brought in 2022, the US Department of Justice called the case an example of its dedication to hold responsible individuals who misshape and defraud UnitedStates monetary markets.
Jurors heard closing arguments on Tuesday.
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