Verdict Reached in High-Profile Trial of Archegos Capital Founder

A Manhattan jury has reached a verdict in the criminal case against Archegos Capital Management founder Bill Hwang, accused of manipulating stock prices before his firm's collapse. Along with his deputy, Patrick Halligan, Hwang faces multiple counts of fraud. Both have pleaded not guilty.

A Manhattan federal jury has delivered a verdict in the trial of Sung Kook "Bill" Hwang, the founder of the collapsed private investment firm Archegos Capital Management.

U.S. District Judge Alvin Hellerstein announced the verdict on Wednesday, with details to be disclosed in open court. Hwang and his co-defendant, Patrick Halligan, each face multiple fraud charges.

Both defendants have pleaded not guilty, challenging the prosecution's claims they manipulated stock prices. The trial, which commenced in May, has shone a spotlight on the massive financial damage caused by Archegos' collapse.

(With inputs from agencies.)