Legal

Ex-UBS Risk Manager Points Finger Squarely at Archegos ‘Lies’

Bryan Fairbanks was first prosecution witness against Hwang
He said UBS would’ve been ‘horrified’ at Archegos’ portfolio

WATCH: Bill Hwang faces charges of fraud and racketeering conspiracy that could end with him behind bars for the rest of his life. Sonali Basak reports from Manhattan federal court.Source: Bloomberg

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By Chris Dolmetsch and Bob Van Voris

May 13, 2024 at 10:52 PM UTC

This article is for subscribers only.

A former UBS Group AG risk manager slammed Archegos Capital Management for its “lies” when he took the stand as the first witness at the fraud and market manipulation trial of Bill Hwang.

Bryan Fairbanks, now head of prime risk services at BMO Bank of Montreal, on Monday described the internal debate at UBS over Archegos as a client and how Hwang’s family office allegedly deceived the bank about its investments.