UBS - Bill Hwang's Trial Begins Over Archegos Fund Collapse: What To Expect | Benzinga
The criminal racketeering trial of Bill Hwang, founder of Archegos Capital Management, began on Wednesday in New York. Hwang and his deputy face charges related to an alleged stock manipulation scheme that led to the fund’s dramatic collapse in 2021, according to Reuters.
What Happened: The trial began with screening potential jurors, who will undergo a series of questioning rounds to determine their suitability for the anticipated eight-week trial.
The trial will center on the implosion of Hwang’s family investment firm, which prosecutors claim led to shareholder losses exceeding $100 billion. The prosecution contends that Hwang covertly built up positions in several stocks using derivatives, driving up their prices, and then misrepresented these holdings to sustain ...