Statement Of U.S. Attorney Damian Williams On The Convictions Of Bill Hwang And Patrick Halligan
Bill Hwang and Patrick Halligan, founder and CFO of Archegos, were convicted of a massive market manipulation scheme, inflating a $1.5 billion portfolio to $36 billion through false assurances and lies to Wall Street banks.
Bill Hwang and Patrick Halligan, founder and CFO of Archegos, were convicted of a massive market manipulation scheme. They lied to Wall Street banks about Archegos's positions and creditworthiness, inducing the banks to extend capital that was used to artificially inflate the stock prices of multiple public companies. The deception allowed a portfolio that began at roughly $1.5 billion to be misrepresented as a $36 billion portfolio.
Bill Hwang, founder and owner of the private investment firm Archegos, and Patrick Halligan, Archegos's Chief Financial Officer, were convicted of a massive market manipulation scheme. They lied to Wall Street investment banks about Archegos's positions and creditworthiness, inducing the banks to provide capital that was used to artificially inflate the stock prices of multiple public companies. The deception allowed a portfolio that began at roughly $1.5 billion to be misrepresented as a $36 billion portfolio. Their scheme caused billions in losses when Archegos collapsed in 2021. The convictions mark the latest enforcement action against the Archegos collapse, with sentencing to follow. The verdict sends a strong message from the Southern District of New York about holding financial actors accountable for systemic market manipulation.
Extracted insights
- $36.00B $36 billion ≥$1B
- $1.50B $1.5 billion ≥$1B
- person bill hwang
- person patrick halligan
- U.S. Attorney Damian Williams Announced Convictions Bill Hwang And Patrick Halligan
- Bill Hwang Founded And Owned Archegos
- Patrick Halligan Served As Chief Financial Officer Archegos
- Hwang And Halligan Engaged In Market Manipulation Scheme Via The Private Investment Firm Archegos
- Hwang And Halligan Made False Assurances And Lied To Wall Street Investment Banks To Induce Them To Provide Capital To Archegos
- Hwang And Halligan Used Capital To Inflate Stock Prices Of Several Publicly Traded Companies
- 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
- Hwang And Halligan Fraudulently Inflated A $1.5 Billion Portfolio Into A $36 Billion Portfolio
- The Office Sent A Resounding Message That It Will Continue To Police The Financial Markets With An Eagle Eye And Swiftly Hold Accountable Those Who Think They Can Cheat The System
Press Release Statement Of U.S. Attorney Damian Williams On The Convictions Of Bill Hwang And Patrick Halligan Wednesday, July 10, 2024 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York “Moments ago, a unanimous jury found Sung Kook ‘Bill’ Hwang and Patrick Halligan guilty of a massive market manipulation scheme via the private investment firm Archegos. As the evidence at trial has shown, Hwang, founder and owner of Archegos, and Halligan, Archegos’s Chief Financial Officer, made false assurances and lied to Wall Street investment banks to induce them to provide capital to Archegos, which Hwang and Halligan then used to inflate the stock prices of several publicly traded companies. 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. In doing so, Hwang and Halligan were able to fraudulently inflate a $1.5 billion portfolio into a $36 billion portfolio. This verdict should send a resounding message that this Office will continue to police the financial markets with an eagle eye and swiftly hold accountable those who think they can cheat the system.” Contact Nicholas Biase, Lauren Scarff, Shelby Wratchford (212) 637-2600 Updated July 10, 2024 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 24-245
Press Release Statement Of U.S. Attorney Damian Williams On The Convictions Of Bill Hwang And Patrick Halligan Wednesday, July 10, 2024 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York “Moments ago, a unanimous jury found Sung Kook ‘Bill’ Hwang and Patrick Halligan guilty of a massive market manipulation scheme via the private investment firm Archegos. As the evidence at trial has shown, Hwang, founder and owner of Archegos, and Halligan, Archegos’s Chief Financial Officer, made false assurances and lied to Wall Street investment banks to induce them to provide capital to Archegos, which Hwang and Halligan then used to inflate the stock prices of several publicly traded companies. 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. In doing so, Hwang and Halligan were able to fraudulently inflate a $1.5 billion portfolio into a $36 billion portfolio. This verdict should send a resounding message that this Office will continue to police the financial markets with an eagle eye and swiftly hold accountable those who think they can cheat the system.” Contact Nicholas Biase, Lauren Scarff, Shelby Wratchford (212) 637-2600 Updated July 10, 2024 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 24-245