Hedge fund operators go on trial after multibillion-dollar Archegos collapse [Financial Post (Toronto, Ontario, Canada)]
Paramount Global - Class A (PARAA)
Company Research
Source: Financial Post
NEW YORK (AP) — A federal fraud trial began Monday for the owner and chief financial officer of a hedge fund that collapsed when it defaulted on margin calls, costing leading global investment banks and brokerages billions of dollars. Bill Hwang, the founder of Archegos Capital Management, and his former CFO Patrick Halligan, are being tried together. Prosecutors have accused Hwang of lying to banks to get billions of dollars that his New York-based private investment firm then used to inflate the stock price of publicly traded companies and grow its portfolio from $10 billion to $160 billion. Article content Article content Their scheme involved secret trading in stock derivatives that made their private investment fund “a house of cards, built on manipulation and lies,” Assistant U.S. Attorney Alexandra Rothman told jurors. “These two men made fraud their business,” Rothman said. “All because the defendant, Bill Hwang, wanted to be a legend on Wall Street.” Hwang's atto
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PARAA
Earnings
- 4/29/24 - Beat
PARAA
Sec Filings
- 6/17/24 - Form 11-K
- 6/13/24 - Form 4
- 6/10/24 - Form 8-K
- PARAA's page on the SEC website