Archegos Capital Management founder Bill Hwang was found guilty of fraud and market manipulation by a jury in New York. Prosecutors accused Hwang of lying to lenders about secretly amassing large bets on several companies through Archegos. When Archegos could not repay its loans to major banks after its bets went sour, it caused billions in losses and prompted a mass sell-off of stocks, leading to the fund's collapse. Hwang and his deputy Patrick Halligan, who were both on trial, were found guilty on charges of racketeering conspiracy, fraud, and market manipulation. They face sentencing on October 28th.
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00:00It's Benzinga, and here's what's on the block.
00:02Arkegos Capital Management founder Bill Wong was found guilty of fraud and market manipulation
00:07by a jury in New York.
00:09Prosecutors accused Wong of lying to lenders about secretly amassing large bets on several
00:14companies through Arkegos.
00:16When Arkegos was unable to repay its loans to major banks after its bets went sour, it
00:21caused billions in losses and prompted a mass sell-off of stocks, leading to the fund's
00:26collapse.
00:27Benzinga and his deputy Patrick Halligan, who were both on trial, were found guilty
00:31on charges of racketeering conspiracy, fraud, and market manipulation.
00:35They face sentencing on October 28.
00:37For all things money, visit Benzinga.com.