Ex-UBS Risk Manager Points Finger Squarely at Archegos ‘Lies’

A former UBS Group AG risk manager slammed Archegos Capital Management for its “lies” when he took the stand as the first witness at the fraud and market manipulation trial of Bill Hwang.

Bryan Fairbanks, now head of prime risk services at BMO Bank of Montreal, on Monday described the internal debate at UBS over Archegos as a client and how Hwang’s family office allegedly deceived the bank about its investments.

Bill Hwang arrives at federal court in New York, on May 13, 2024.

Photographer: Victor J. Blue/Bloomberg

He’s expected to return to the stand in Manhattan federal court Tuesday to discuss a recorded March 2021 call during which Hwang allegedly promised banks ...