Friday July 19th, 2024 10:35PM

Archegos Capital founder convicted of securities fraud

By The Associated Press

NEW YORK (AP) — The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was convicted Wednesday of securities fraud in a scheme that prosecutors said cost global investment banks billions of dollars.

Bill Hwang looked straight ahead as the verdict was read, taking several sips of water as the jury convicted him of 10 criminal counts. He was acquitted of one market manipulation charge.

Federal prosecutors in New York said Hwang and his co-conspirators artificially inflated the values of nearly a dozen stocks before the investments collapsed, wiping out $100 billion in market value along with the company he created.

Hwang's lawyer had argued that his client was an honest investor who put money into stocks he believed in.

  • Associated Categories: Associated Press (AP), AP National News, AP Business, AP Business - Industries, AP Business - Financial Services
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