Reported by Bruce Kelly David Gentile, founder and CEO of GPB Capital Holdings, and Jeffry Schneider, broker-deal chief, were founder guilty on all fraud counts they faced on Thursday morning in a seven-week trial in federal court in downtown Brooklyn. The 12-person jury found Gentile guilty of all five counts he faced; conspiracy to commit […]
Reported by Filip De Mott The market needs to embrace short sellers if it wants to free itself of fraud, Carson Block told Bloomberg TV. But being a contrarian right now is a challenge, with short sellers increasingly out of place in the latest bull rally, the Muddy Waters founder said. Where sellers profit by betting […]
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 TOM MITCHELHILL A GameStop investor who sued Keith Gill, known as Roaring Kitty, over alleged securities fraud, dropped his lawsuit just three days after filing it. Plaintiff Martin Radev dropped the suit after submitting a voluntary motion to dismiss in the United States District Court for the Eastern District of New York. It […]
Reported by Dave Michaels It is a safe harbor executives have enjoyed for 25 years to protect against insider-trading charges: commit to sell slices of their portfolio in the future, regardless of market events. The strategy helps company insiders show they aren’t trading on secrets unknown to investors. But jurors on Friday didn’t buy that […]
Reported by Anthony Lin, Senior Legal Editor Here are the key takeaways from the day’s testimony: Former Archegos head trader William Tomita said Hwang lied to Archegos’ biggest counterparties on a March 25, 2021, call. Hwang told the banks that his family office’s core positions were fairly liquid, with average daily volumes in the $2 […]
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 […]
