Reported 11 months ago
During the Archegos trial, Bill Hwang's top trader, William Tomita, gave critical testimony, admitting to financial crimes and implicating Hwang in directing manipulative market tactics that led to the firm's collapse. Tomita described Hwang's instructions to maximize stock prices' impact, rather than minimize trading costs, shedding light on the strategies that boosted Hwang's fortune before Archegos' downfall. The trial also revealed how Archegos allegedly misled banks about its risks, resulting in losses and legal charges for Hwang and his associates.
Source: YAHOO