PANews reported on July 11 that according to Sina Finance, Archegos Capital Management founder Bill Hwang was criminally charged for his company's bankruptcy in 2021. The two-month trial ended on Wednesday, and the US jury sentenced Bill Hwang and co-defendant, Chief Financial Officer Patrick Halligan, guilty. Bill Hwang, 60, pleaded not guilty to one count of conspiracy to defraud, three counts of fraud and seven counts of market manipulation, but he was convicted of 10 of the 11 charges, and each of the charges he was convicted of carries a maximum sentence of 20 years in prison.

According to prosecutors, Bill Hwang secretly accumulated huge stakes in multiple companies without actually holding the stocks. Archegos' market position once swelled to $160 billion because they adopted a deceptive trading strategy to conceal their true size from the market. The use of borrowed money and derivative securities that do not need to be publicly reported allowed Bill Hwang and his hedge fund to remain anonymous. Archegos collapsed in March 2021, when Wall Street scrambled to liquidate positions related to Archegos. When the dust settled, it caused more than $10 billion in losses to counterparties including Credit Suisse Group, Morgan Stanley and Nomura. This incident also sowed the seeds for Credit Suisse's bankruptcy.