Bill Hwang, Market Manipulation, New York, 2024

A unanimous jury has found Sung Kook ‘Bill’ Hwang and Patrick Halligan guilty of a massive market manipulation scheme via the private investment firm Archegos.

The scheme, which was uncovered by the U.S. Attorney’s Office in New York, involved Hwang and Halligan making false assurances and lying to Wall Street investment banks to induce them to provide capital to Archegos.

Hwang, the founder and owner of Archegos, and Halligan, the firm’s Chief Financial Officer, used the false information to inflate the stock prices of several publicly traded companies.

The jury found that 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, according to U.S. Attorney Damian Williams.

Hwang and Halligan’s actions had far-reaching consequences, impacting not only the investment firms involved but also the broader market.

The case against Hwang and Halligan is a testament to the importance of holding individuals accountable for their actions in the financial world.

The U.S. Attorney’s Office in New York will continue to work tirelessly to protect the public and maintain the integrity of the financial markets.

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