Archegos founder Bill Hwang was found guilty on a series of charges, including fraud, facing up to decades in prison.
Bill Hwang was found guilty on 10 of 11 charges related to the collapse of family office Archegos Capital Management, which he founded, according to a «Reuters» report citing court proceedings.
The charges include one count of racketeering conspiracy, three counts of fraud and seven counts of market manipulation. Hwang was acquitted on one charge of market manipulation linked to Chinese online video firm iQIYI.
Charges For CFO
In addition, Patrick Halligan, who was the chief financial officer at Archegos, was also found guilty on all three counts he faced. They include one racketeering conspiracy charge and two fraud charges. Hwang and Halligan face maximum sentences of 20 years in prison on each charge.
The Archegos meltdown led to losses of more than $100 billion in shareholder value and $10 billion at global banks, including $5.5 billion at Credit Suisse, which was taken over by UBS, and $2.9 billion at Nomura.
