Reported by Joe Miller and Joshua Franklin A New York jury has found former Wall Street trader Bill Hwang guilty of fraud and market manipulation, more than three years after the implosion of his fund Archegos sent tremors through global equity markets and left major banks nursing billions of dollars in losses. The verdict on Wednesday came […]
Reported by Joe Miller Prosecutors on Monday urged a Manhattan jury to find Archegos founder Bill Hwang guilty of fraud and market manipulation, alleging that he “behaved as though the rules did not apply to him” by artificially inflating stock prices in a scheme that left banks with billions of dollars of losses. The collapse […]
Reported by Anthony Lin Senior Legal Editor Here are the key takeaways from the testimony: Giselle Tropper, head of capital markets financing at UBS, described how the bank hedged Archegos’ swap orders. Some of this testimony was explanatory for the jury’s benefit. But it also backs up the prosecution’s contention that Hwang knew he could […]
Reported by Chris Dolmetsch and Bob Van Voris Newly promoted to equities Delta One head at Credit Suisse Group AG in February 2021, Josh Lukeman said he only became familiar with Archegos Capital Management that month. Six weeks later, on March 26, 2021, he got a 7:50 a.m. text message asking him to jump on a call. The subject was […]
Reported by Anthony Lin Senior Legal Editor Here are the key takeaways from today’s testimony. Former Archegos risk management head Scott Becker took the stand for his third day as one of the prosecution’s star cooperating witnesses, and the defense got its first shot at cross-examining him. Becker continued to testify that he was directed […]
Reported by Maria Evstropova and Tammy Li Market abuse and insider trading may often be associated with nefarious TV hedge funds, slick-haired Hollywood characters or, simply, bad actors making opportunistic decisions. However, recent publications and notices from the UK Financial Conduct Authority (FCA) may point to the increasingly treacherous and shrouded world of criminal enterprises […]
Reported by Emily Flitter On Thursday, the bank’s main federal regulator, the Office of the Comptroller of the Currency, fined JPMorgan $250 million over the omissions. The action followed a $98.2 million penalty from the Federal Reserve on March 8. The bank recently told investors in a public filling that a third regulator is preparing […]
Reported by Craig Coben On Friday the US Securities and Exchange Commission charged Morgan Stanley and its former equity syndicate desk head Pawan Passi with fraud in the conduct of block trading business. The SEC’s report describes several damningly flagrant breaches of confidentiality, but one example stands out as the epitome of chutzpah. According to the SEC, […]
Reported by Pete Syme The Forbes 30 Under 30 lists celebrate the achievements of young people making a mark in a range of sectors. Unfortunately, quite a few of the picks are now a little questionable, to say the least. It’s even become something of a meme, with users on X joking about federal authorities investigating those on the […]
Reported by The Securities and Exchange Commission The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 “follow-on” […]
