Archegos Capital Management founder Sung Kook “Bill” Hwang has been found guilty of fraud and market manipulation following a criminal trial in Manhattan federal court. Hwang and his deputy, Patrick Halligan, were convicted on multiple charges by a jury, with sentencing scheduled for October 28. The case stems from the collapse of Hwang's $36 billion investment firm in 2021, which sent shock waves through Wall Street. The trial revealed that Hwang and Halligan deceived banks to obtain billions of dollars, artificially inflating stock prices of various companies. The prosecution detailed how Hwang's actions caused significant losses to banks, investors, and employees of Archegos, impacting financial markets. Hwang, aged 60, faced charges including racketeering conspiracy, fraud, and market manipulation, while Halligan, aged 47, was accused of similar offenses. The verdict, reached after deliberations, could lead to a maximum 20-year prison sentence for each convicted charge. Prosecutors emphasized the need to hold individuals accountable for distorting financial markets, underscoring the seriousness of the case. Witnesses testified to Hwang's questionable trading practices, highlighting the extensive impact of Archegos' implosion on global banks and shareholders. The trial underscored the magnitude of Hwang's scheme, which involved concealing massive derivative positions and misleading banks to inflate stock values artificially. The case shed light on the repercussions of such market manipulation, impacting the broader financial ecosystem.