Archegos Founder Bill Hwang Found Guilty on Fraud Charges

Bill Hwang, the founder of a hedge fund, was convicted this week of manipulating stock prices and defrauding banks. He was found guilty of running a criminal conspiracy and committing securities and wire fraud. Hwang’s firm collapsed in March 2021. Patrick Halligan, the former finance chief of the firm, was also found guilty for charges related to his role. The convictions could result in lengthy prison sentences for Hwang and Halligan.