New York | Archegos Capital Management founder Sung Kook “Bill” Hwang was convicted of fraud and other charges by a jury in Manhattan federal court on Wednesday (Thursday AEST) at a criminal trial in which prosecutors accused him of market manipulation before the 2021 collapse of his $US36 billion ($53 billion) private investment firm.

The jury, which began deliberations on Tuesday, found Hwang guilty on 10 of 11 criminal counts and Patrick Halligan, his Archegos deputy and co-defendant, guilty on all three counts he faced. Hwang and Halligan sat flanked by their lawyers as the verdict was read by a soft-spoken foreperson.

Reuters