Archegos Founder Bill Hwang Faces Trial Over Alleged Market Manipulation

Prosecutors accuse Hwang of inflating stock prices and causing over $100 billion in losses through deceptive trading practices.

Bill Hwang and former CFO Patrick Halligan are charged with racketeering conspiracy and multiple counts of fraud.
Prosecutors claim Hwang used total return swaps to secretly amass large stakes in companies, inflating their stock prices.
The collapse of Archegos in March 2021 led to significant financial losses for major banks like Morgan Stanley and Credit Suisse.
Hwang’s defense argues he invested based on strong convictions and that banks were aware of the risks involved.
The trial, expected to last up to eight weeks, will feature testimony from former Archegos executives who have pleaded guilty.