22 articles | last updated: Jul 11 19:07:56
Hwang and his CFO were found guilty on multiple fraud counts, contributing to significant financial losses and the collapse of Credit Suisse.
- Bill Hwang's Archegos Capital collapsed in 2021, losing $20 billion in two days and wiping out $100 billion in equity value.
- Hwang and CFO Patrick Halligan were convicted of defrauding banks and manipulating stock prices, with sentencing set for October 28.
- Credit Suisse and other banks suffered $10 billion in losses due to Hwang's deceptive practices and highly leveraged bets.
- The case highlighted the risks of Total Return Swaps and the lack of transparency in Archegos' trading activities.
- Hwang had a history of legal issues, including a 2012 guilty plea for insider trading in Hong Kong.
People, Places and Things In This Story
- Bill Hwang American investor and trader
- Credit Suisse Investment banking company
- Patrick Halligan
- Archegos Capital Management Asset management company
- Hong Kong Special administrative regions of China
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