Today, Hwang faces court again after a jury convicted the founder of Archegos with fraud back in July.
In 2021, Wall Street banks lost more than $10 billion in the collapse of Archegos Capital Management, Hwang’s private investment fund.
In July, NY Federal prosecutors charged Hwang and his accomplices with manipulating the market by artificially inflating the values of nearly a dozen stocks. This orchestrated scheme led to a collapse of the investments, resulting in a loss of $100 billion in market value and the downfall of Archegos.
Before the ruling, Barry Berke, Hwang’s lawyer said, “Mr. Hwang bet big on stocks he believed in. That is not a crime.”
Hwang was convicted of 10 charges, including wire fraud, securities fraud, and market manipulation. He will receive his sentence today in Manhattan from U.S. District Judge Alvin Hellerstein.
Prosecutors are seeking a 21-year jail term, claiming Hwang has “judged himself blameless.”
By CEO NA Editorial Staff
