Wall Street Investor Found Guilty in Massive Fraud Scheme – Shocking Verdict Revealed!

New York – A jury in New York has delivered a verdict in the case involving Wall Street investor, Sung Kook ‘Bill’ Hwang, finding him guilty of fraud and market manipulation. The trial, which followed the collapse of Archegos Capital Management three years ago, involved accusations that Hwang had deceived lenders while secretly making substantial bets on several companies.

Prosecutors alleged that Hwang’s actions led to the inability of Archegos to repay loans, triggering a significant sell-off of stocks and ultimately resulting in the fund’s downfall. Alongside Hwang, his deputy at Archegos, Patrick Halligan, was also found guilty on the three charges he faced.

The sentencing for both individuals has been set for October 28, with them currently remaining free on bail. Defending his client, Halligan’s lawyer, Mary Mulligan, stated their intention to appeal the verdict, expressing confidence in their eventual exoneration.

Despite the guilty verdicts, Hwang’s lawyer, Barry Berke, refrained from providing immediate comment to the media. In light of the outcome, US attorney Damian Williams emphasized how both Hwang and Halligan had misled concerning Archegos’s positions in various companies and crucial metrics used by investment banks to assess the firm’s financial stability.

Williams highlighted the fraudulent tactics employed by Hwang and Halligan, noting that they managed to artificially inflate a $1.5 billion portfolio to an astonishing $36 billion through deceitful practices. The charges against Hwang included counts of racketeering conspiracy, fraud, and market manipulation, to which he had entered a plea of not guilty.

Similarly, Halligan had denied the charges of racketeering conspiracy and fraud brought against him. The verdict underscores the severity of the consequences for financial misconduct at such a scale, emphasizing the need for accountability and transparency in the industry to safeguard against similar incidents in the future.