Overview

• 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.