Founder of collapsed hedge fund Archegos Capital is convicted in securities fraud scheme

The founder of Archegos Capital Management has been convicted of securities fraud in a scheme that prosecutors say cost global investment banks billions of dollars. Bill Hwang looked straight ahead as the verdict was read Wednesday. He took several sips of water as the jury found him guilty of 10 criminal counts. He was acquitted of one market manipulation charge. Federal prosecutors in New York said Hwang and his co-conspirators artificially inflated the values of nearly a dozen stocks before the investments collapsed, wiping out $100 billion in market value along with the company he created. Hwang’s lawyer had argued that his client was an honest investor who put money into stocks he believed in.