Archegos founder Bill Hwang heads to trial over collapse of $36bn fund

Bill Hwang, founder of Archegos Capital Management, is undergoing a criminal racketeering trial due to the fund's collapse in 2021, which allegedly caused over $100 billion in losses. Facing charges of fraud and market manipulation, Hwang and his former CFO, Patrick Halligan, have pleaded not guilty. The trial, expected to last eight weeks, will explore accusations of using derivatives for illegal stock accumulation and lying to banks. Opening statements are set for Monday.