It occurs three years following the demise of his investment fund, Archegos Capital Management, which cost multiple large banks billions of dollars in losses.
Hwang was charged with misrepresenting to lenders in order to covertly accumulate substantial bets on multiple businesses.
A massive stock sell-off followed Archegos’ inability to pay back the banks, and the fund crashed.
Patrick Halligan, Hwang’s co-defendant and deputy at Archegos, was likewise found guilty on all three counts against him.
The date of sentencing has been set on October 28. Bail will keep both men free.
Halligan’s attorney, Mary Mulligan, told News, “We respect the jury, but we intend to appeal and believe our client will be exonerated.”
Following the verdicts, US attorney Damian Williams said, “Hwang and Halligan lied about Archegos’s positions in these companies and just about every other materially important metric investment banks would use in determining the firm’s creditworthiness.”
