![Archegos founder Bill Hwang guilty in multibillion-dollar fraud case](https://www.portugalcolonial.pt/media/shared/articles/d2/c7/99/Archegos-founder-Bill-Hwang-guilty--160102.jpg)
-
England white-ball cricket coach Mott stands down
-
Musk's superhuman vision promise is dangerous: researchers
-
'Little Olympian': fencer says competed in Paris heavily pregnant
-
Spain watchdog fines Booking.com 413 mn euros
-
Two Chinese swimmers cleared after positive tests in 2022 - report
-
Turkish stray dog law sparks opposition anger
-
Druze in Golan reject Israeli threats to retaliate for rocket strike
-
UK police question teen held after deadly mass stabbings
-
Number 1: How an AFP photographer grabbed the perfect surf shot
-
Hashimoto and Zhang primed for knock-out all-around title bout
-
Oil giant BP reports tumbling profits in first half
-
Chinese leaders pledge further support for flagging economy
-
Olympic blow as triathlon postponed, Biles chases first gold of Games
-
France, Spain log solid growth in second quarter
-
Taiwan's President Lai calls for unity in face of China 'threat'
-
Newcastle's Howe not contacted 'whatsoever' about England job
-
Olympic men's triathlon postponed to Wednesday due to Seine pollution
-
India's 'visa temple' bestows tickets to the American dream
-
24 dead, hundreds feared trapped in India landslides
-
Drought in Sicily threatens grain fields, animal herds
-
Belgium flexes its new locally sourced mussels
-
Notorious UK Islamist preacher to be sentenced
-
Hong Kong young fencers draw inspiration from Olympic 'Sword Queen'
-
'Bending of reality': US liberals stoke political conspiracies
-
Asian investors trade cautiously ahead of central bank decisions
-
Blinken, Austin hold defence talks with Philippine counterparts
-
Spain PM set to testify in wife's graft probe
-
Biles chases first Paris Olympic gold, fingers crossed over Seine
-
Biden unveils long-shot plan to overhaul US Supreme Court
-
'We were robbed': Despair in Venezuela after Maduro victory
-
Sabalenka returns from shoulder injury at Washington
-
California's largest fire of year rages in state's north
-
Ethiopia gets IMF relief after easing forex curbs
-
NFL bans Houston's Autry six games for doping
-
Djokovic withdraws from ATP Montreal event
-
Venezuela protesters teargassed as opposition cries foul over Maduro reelection
-
'It's for Ukraine': Kharlan celebrates special Olympic bronze
-
Italy's Ceccon wins 'dream' Olympic backstroke gold
-
US men end Olympic medal drought with team gymnastics bronze
-
McIntosh magic at Paris Olympics after Djokovic downs Nadal
-
Musk faces criticism over deepfake Kamala Harris video
-
'They robbed us': Despair in Venezuela after Maduro victory
-
Protests erupt in Caracas against Maduro's disputed election win: AFP
-
Alcaraz shrugs off injury scare to reach Olympics last 16
-
Japan win Olympic men's gymnastics team gold
-
Venezuela opposition cries foul over Maduro re-election victory
-
McCullum says England have 'harder feel' after West Indies clean sweep
-
What we know about Hezbollah's weapons arsenal
-
Children reported wounded in UK knife attack
-
Olympics show golden age of metal music
![Archegos founder Bill Hwang guilty in multibillion-dollar fraud case](https://www.portugalcolonial.pt/media/shared/articles/d2/c7/99/Archegos-founder-Bill-Hwang-guilty--160102.jpg)
Archegos founder Bill Hwang guilty in multibillion-dollar fraud case
The founder of US investment firm Archegos, Bill Hwang, was found guilty Wednesday of fraud and market manipulation in a case focused on the fund's 2021 implosion that cost major banks billions of dollars.
A jury in New York convicted South Korean-born Hwang on 10 of the 11 charges he faced, according to US media. He could spend the rest of his life in prison.
Hwang's family-owned hedge fund had taken huge bets on a few stocks with money borrowed from banks, and when one of those bets soured, the fund was unable to meet "margin calls" to cover the losses.
The subsequent collapse of the fund sent shockwaves through the markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley and other large financial institutions.
Credit Suisse was the hardest hit -- losing some $5.5 billion -- which further weakened the bank and pushed it close to bankruptcy in 2023 before it was taken over by its Swiss rival UBS.
Archegos's former chief financial officer, Patrick Halligan, was found guilty on the three counts of conspiracy, securities fraud and wire fraud he faced at the same trial.
During the case, the prosecution relied on two former Archegos executives, with one testifying that Hwang had instructed him to misrepresent Archegos's finances.
The case came about after Archegos took stakes in several companies with the goal of driving up share prices, including in ViacomCBS, which is now Paramount Global.
At its peak in March 2021, Archegos was exposed to $160 billion through derivatives.
The plan worked initially -- almost quadrupling the value of ViacomCBS -- but quickly unraveled when that same company announced a capital increase in 2021, triggering a sudden sell-off on Wall Street.
This triggered a domino effect which plunged the value of shares held by Archegos and in turn hit the banks that had provided funds to Hwang's firm.
S.Caetano--PC