Both men were convicted of defrauding Archegos counterparties like Credit Suisse Group AG and UBS Group AG by lying to them about the firm’s trading activity and the level of risk in its portfolio.
Archegos Capital Management founder Bill Hwang was found guilty of criminal charges stemming from his firm’s 2021 collapse, concluding a two-month trial that captivated Wall Street.
The jury delivered verdicts against Hwang and his co-defendant, former Archegos chief financial officer Patrick Halligan, Wednesday in Manhattan federal court. The panel began deliberating just the day before.
