The Downfall of Archegos: Lies, Manipulation, and a $100 Billion Fraud

The 2021 collapse of Archegos Capital Management, led by Sung Kook 'Bill' Hwang, resulted from deceptive practices, affecting global banks and shareholders. Hwang and his deputy, Patrick Halligan, face severe fraud charges. Banks and investors lost billions due to Hwang's manipulative trading tactics, leading to one of the biggest financial scandals.

The 2021 collapse of Sung Kook 'Bill' Hwang's Archegos Capital Management stemmed from 'lies and manipulation,' a federal prosecutor told a Manhattan jury Monday as Hwang's trial over the $36 billion fund's failure concluded.

Jurors heard the prosecution's and defense's closing arguments. The 2021 demise of Hwang's family office wreaked havoc on global banks, leading to $10 billion in losses and over $100 billion in shareholder losses, according to prosecutors.

Assistant U.S. Attorney Andrew Thomas said Hwang manipulated stocks and misled banks, causing a $100 billion fraud collapse in days. Co-defendants, Hwang and Patrick Halligan, could face up to 20 years in prison each if convicted.

(With inputs from agencies.)