Archegos Founder Bill Hwang Found Guilty in Fraud and Racketeering Case Involving ViacomCBS Stock
variety.comWilliam Earl Maverick investor Bill Hwang was found guilty Wednesday by a Manhattan federal jury of fraud and racketeering charges in a market manipulation case involving ViacomCBS shares and other stocks.
Hwang was found guilty of 10 out 11 counts of fraud and racketeering related to his stock trading activity. In 2020 and 2021, he stealthily amassed more than 50% of outstanding common shares in the company that was then ViacomCBS — now Paramount Global (and about to be taken over by David Ellison’s Skydance Media).
Hwang was accused of lying to banks and taking other steps to hide his trades and swaps bought on borrowed money to inflate the value of the public companies and his Archegos Capital Management investment fund.
When ViacomCBS shares took a big tumble in March 2021, Hwang’s Archegos Capital Management family office went bust. That left a number of high-profile banks including UBS, Credit Suisse, Nomura and Morgan Stanley with more than $10 billion in losses from Archegos loans.
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