Manhattan Jury Deliberates Fate of Archegos Founder Bill Hwang

A federal jury in Manhattan is deliberating the criminal case against Archegos Capital Management's founder, Bill Hwang, and his deputy, Patrick Halligan. Accused of manipulating stock prices before the 2021 collapse of Archegos, they face severe penalties if convicted. The trial highlights the firm's significant influence and the ensuing market turmoil.

A federal jury in Manhattan begins deliberations Tuesday in the criminal case against Archegos Capital Management founder Sung Kook 'Bill' Hwang. Prosecutors accuse him of manipulating stock prices before his $36 billion investment firm's 2021 collapse.

Monday saw closing arguments from both sides, with prosecutors labeling Hwang's trading as illegal and deceptive, while his defense argued that aggressive yet legal trading strategies were being unjustly criminalized. Co-defendant Patrick Halligan faces similar charges.

Hwang and Halligan, who have pleaded not guilty, risk up to 20 years per charge if convicted. The trial revolves around Archegos' collapse, which led to significant financial losses for global banks and investors. The prosecution alleges Hwang's use of derivative positions inflated stock values, triggering massive losses when prices fell.

(With inputs from agencies.)