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Bill Hwang - 1 Hwang - 1 Sung Kook Hwang - 1 Archegos - 1 Patrick Halligan - 1
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Archegos Capital Management - 1 Authorities - 1

Search resuls for: "Patrick Halligan"


5 mentions found


☆ Bill Hwang, Whose Firm Archegos Collapsed in 2021, Is About to Go on Trial
  + stars: | 2024-05-08 | by ( Matthew Goldstein | ) www.nytimes.com   time to read: +1 min
Three years ago, a multibillion-dollar investment firm called Archegos Capital Management blew up with little warning, causing big losses for some Wall Street banks and leading to federal criminal charges against the firm’s founder, Bill Hwang. On Wednesday, Mr. Hwang, 60, who was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation, is set to go on trial in Manhattan federal court. Federal prosecutors are seeking to secure a conviction in a major stock market manipulation case in which Mr. Hwang, whose legal name is Sung Kook Hwang, was one of the big financial losers. Archegos had managed money mainly for Mr. Hwang, his family and some of his employees, and much of his family’s wealth was wiped out when the firm collapsed in March 2021. Also on trial with Mr. Hwang is Patrick Halligan, the former chief financial officer of Archegos.
Persons: Bill Hwang, Hwang, Sung Kook Hwang, Archegos, Patrick Halligan Organizations: Archegos Capital Management, Authorities Locations: Manhattan, Wall
☆ Archegos founder Hwang must face fraud charges, US judge says
  + stars: | 2023-03-23 | by ( Jonathan Stempel | Industry Insight | Messaging Platform | ) www.reuters.com   time to read: +2 min
NEW YORK, March 23 (Reuters) - A U.S. judge on Thursday denied Archegos Capital Management LP founder Bill Hwang's effort to dismiss an indictment accusing him of fraud in the collapse of his once-$36 billion firm. U.S. District Judge Alvin Hellerstein in Manhattan rejected arguments that the 11-count indictment should be tossed because prosecutors deceived Hwang into cooperating with their probe and because Hwang's trading activity had been lawful. Authorities said Hwang concealed the size and riskiness of his bets by spreading his borrowing among several banks. When the prices of some stocks fell, Hwang was unable to meet margin calls, leading banks to dump stocks backing his swaps, and causing losses for Archegos and others. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.
☆ U.S. rejects Bill Hwang's sandbagging claim in Archegos prosecution
  + stars: | 2023-01-13 | by ( Jonathan Stempel | Industry Insight | Law Firm Pricing Professionals In | ) www.reuters.com   time to read: +2 min
NEW YORK, Jan 13 (Reuters) - The U.S. Department of Justice forcefully rejected Bill Hwang's claim that it sandbagged him by concealing its plan to charge him with fraud over the collapse of his $36 billion Archegos Capital Management LP. In a Thursday night filing in Manhattan federal court, prosecutors said there was no basis to grant Hwang's motion to dismiss his indictment because of prosecutorial misconduct prior to his April 27, 2022, arrest. "Hwang's motion is predicated on a series of inflammatory claims about the government's conduct that are entirely baseless," prosecutors said. Archegos collapsed in March 2021 after failing to meet margin calls following trades through so-called total return swaps. In a separate Thursday night filing, prosecutors rejected the defendants' claims that they committed no crimes because Archegos' trading was legal.
☆ Archegos' Bill Hwang says prosecutor misconduct justifies indictment's dismissal
  + stars: | 2022-12-03 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +2 min
NEW YORK, Dec 3 (Reuters) - Bill Hwang is seeking the dismissal of his U.S. fraud indictment over the collapse of his once-$36 billion Archegos Capital Management LP, saying prosecutors committed misconduct by sandbagging him when building their case. In a separate filing, Hwang and co-defendant Patrick Halligan, Archegos' former chief financial officer, said their indictment should be dismissed because Archegos' trading activity was "entirely lawful," using methods that are "clearly permitted by the existing regulatory structure." These discussions, the last occurring two days before Hwang's April 27 arrest, "revealed what has now become (as prosecutors doubtless knew it would) his defense strategy," Hwang's lawyers said. Hwang also wants U.S. District Judge Alvin Hellerstein, who oversees the case, to hold a hearing to determine the extent of any taint. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.
☆ Bill Hwang, Archegos demand end to SEC lawsuit over $36 bln firm's collapse
  + stars: | 2022-10-25 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +2 min
In court filings, Hwang and Archegos said the SEC failed to show how the New York-based firm traded deceptively or how its swaps trades, which they called "lawful," affected prices. "The SEC declares unlawful a number of practices that have long been accepted as entirely legitimate and commonplace in the market," Hwang said. Archegos imploded when it failed to meet margin calls after being caught short on trades through so-called total return swaps. Hwang and former Archegos Chief Financial Officer Patrick Halligan have pleaded not guilty to Department of Justice fraud and racketeering conspiracy charges over the collapse. The case is SEC v Hwang et al, U.S. District Court, Southern District of New York, No.
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