What to Know About the Criminal Conviction of Archegos’ Founder Bill Hwang

Sung Kook “Bill” Hwang maintained a low profile on Wall Street as he managed his own wealth through his “family office,” known as Archegos Capital Management. But then Archegos suddenly melted down in March 2021, making headlines and all but erasing Hwang’s $36 billion fortune. The collapse also cost the firm’s lenders $10 billion, contributing to the downfall of Credit Suisse Group AG.

Hwang, 60, was found guilty on July 10 of fraud, market manipulation and racketeering conspiracy charges that could prompt a life sentence. Archegos Chief Financial Officer Patrick Halligan was also convicted of fraud and conspiracy after a two-month trial that featured the testimony of two former top Archegos executives and bankers from many of Wall Street’s biggest institutions. The jury deliberated for just a day and half.