Criminal Case Against Archegos’s Bill Hwang Explained: QuickTake

Sung Kook “Bill” Hwang maintained a low profile on Wall Street as he managed his own wealth through his “family office,” known as Archegos Capital Management. But then Archegos suddenly melted down in March 2021, making headlines and all but erasing Hwang’s $36 billion fortune. The collapse also cost the firm’s lenders $10 billion, contributing to the downfall of Credit Suisse Group AG.

Now Hwang, 60, is on trial in New York on charges of fraud and racketeering conspiracy that could end with him behind bars for the rest of his life. He’s been tried in a Manhattan ...