For most of his trial, Archegos Capital Management founder Bill Hwang hasn’t looked like a man potentially facing decades in prison. Both inside and outside the courtroom, Hwang is often seen with a placid smile on his face. That smile faded last week when former Archegos head trader William Tomita took the stand as one the prosecution’s star witnesses. When Tomita identified him in court, Hwang straightened in his chair with a rueful look. In three days on the stand, Tomita has proved to be a highly damaging witness to Hwang. He’s given a painstaking account of how Hwang orchestrated trades to goose stocks to certain prices. He’s also vividly depicted his former boss as an overbearing micromanager who screamed at his traders when they got out of line. “I was directed to do so by my former boss,” Tomita said of crimes he admitted committing himself, including fraud and market manipulation. All of which raises the stakes for Hwang’s defense team on cross-examination, which could begin as early as Monday. Failing to dent Tomita’s credibility would make it very hard for Hwang to secure an acquittal. But that may be difficult. Much of Tomita’s testimony about Hwang’s trading was backed up by copious written communications that were shown to the jury. In a number of chat message exchanges, Hwang is shown closely guiding his traders to hit certain prices, changing his target by the minute. “These happened on a daily basis, these type of trades,” Tomita testified, adding that many of these trades were “the opposite” of what a “normal fund” would do. This matches with testimony by prosecution experts that many of Archegos trades made no economic sense except as a means of manipulating share prices. https://www.bloomberg.com/news/arti...-smile-from-hwang-s-face?srnd=homepage-europe Bill Hwang deserves a long-term sentence to send a CLEAR MESSAGE TO ALL C_ck S_ckers enganging in such manipulative behavior. Our desk was the first to report spoofing of CME S&P Futures and other financial instruments some 14 years ago. And we will engage with regulators to rotten out criminal market practices.
Crazy stuff. I know the degenerates at r/WSB call him the head reg(t)ard. He is the leader in Loss Porn over there.
I ain't sure if this legally constitutes a wrongdoing. Hwang could be telling his traders to keep buying until a certain price is reached. I hope you know the real badass "cock suckers" from 2008 subprime mess are still going strong on Wall Street. Stop wasting your time going after small fries like Hwang and look into thse big fishes instead.
Not to overly state the obvious, but Hwang made billions in such a short amount of time that made Buffett look like a Biden in comparison. All from his private family office, and it's not obvious this was manipulation? This wasn't the first time he had been investigated (and found guilty) of such crimes. So how was this not obvious now. Why did they wait until AFTER the dust settled? Fun fact: This crook routinely went to church on Sundays (and even gave lectures). Funny that, but God did not save him. I remember Patrick Boyle talking regarding his manipulations, and he couldn't figure out what the hell kind of 'exit strategy' Hwang had in mind. Cornering the market is a fool's errand.
if you are quoting boyle, you are a fool. hwang cut his teeth just like many others, inlcuding the kitty.
no, insider trading is wrong, and shall get the prison term. boyle on the other hand, is an influencer. not sure what skill set he has, a semi professor and semi fund manager? he didn't cut his teeth in academic or trading. crying baby has fans, like many others.
You do realize that Patric Boyle actually worked with Niederhoffer many years ago. Yes? And Boyle most certainly did work in the hedge fund industry. Just because he is a professor as well does not discount the former.
unsuccessfully you forgot to add. if he cut his teeth there and focus on making money, he is in a good position to lecture. now he is just chasing sensational headlines, which is fine for the influencer.
His Youtube channel was supposed to only be for his students. After all, he is a teacher and teaches many things regarding finance, including swaps and other derivatives, etc. Unlike your typical millennial self-declared guru on YouTube, Boyle was already a 'legit' professional professor in the field, and was posting videos from his real university lectures. It just happened people kept wanting him to make more stuff outside of the textbooks.