CNN —
Bill Hwang, founder of Archegos Capital Management, was found guilty of fraud Wednesday by a Manhattan federal court after the 2021 collapse of his investment firm wiped billions of dollars off financial markets and nearly brought down Wall Street.
The jury delivered a speedy conviction, finding Hwang guilty on 10 of 11 criminal counts after beginning deliberations Tuesday afternoon. Hwang’s co-defendant and deputy, Patrick Halligan, was also found guilty
The criminal conviction comes after prosecutors said Hwang’s family office Archegos (which operated similarly to a hedge fund) lied to banks to conceal massive
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