Fraudulent Wall Street Investor Found Guilty of Market Manipulation – Billion-Dollar Collapse Imminent

New York City – A jury in New York has reached a verdict on Wall Street investor Sung Kook ‘Bill’ Hwang, finding him guilty of fraud and market manipulation. The decision comes in the aftermath of the collapse of his investment fund Archegos Capital Management three years ago, which resulted in billions of dollars in losses for several major banks.

Prosecutors alleged that Hwang deceived lenders by secretly accumulating significant bets on several companies. When Archegos failed to repay the banks, it triggered a widespread stock sell-off, leading to the fund’s downfall. The jury also found Hwang’s deputy at Archegos, Patrick Halligan, guilty on the three charges he faced.

Sentencing for both men is scheduled for October 28, and they will remain free on bail. In response to the verdict, Mary Mulligan, Halligan’s lawyer, expressed intentions to appeal, believing her client will be exonerated. Conversely, Hwang’s lawyer, Barry Berke, did not immediately provide a statement following the decision.

US attorney Damian Williams condemned the actions of Hwang and Halligan, stating that they misled investment banks about Archegos’s positions and key financial metrics. This deception allegedly allowed them to falsely inflate a $1.5 billion portfolio to $36 billion. Hwang had pleaded not guilty to charges of racketeering conspiracy, fraud, and market manipulation, while Halligan had denied allegations of racketeering conspiracy and fraud.

The trial and subsequent verdict shed light on the intricate dynamics of high-stakes investing and the legal repercussions that ensue when market manipulation and fraud are uncovered. The impact of Archegos Capital Management’s collapse serves as a cautionary tale within the financial industry, highlighting the importance of transparency and accountability. As the sentencing date approaches, the financial world awaits the final outcome in this significant case.