The trial of Bill Hwang, the founder of the $36 billion Archegos fund, has commenced in relation to the fund's collapse due to alleged fraud. Hwang's fund, Archegos Capital Management, faced significant losses in early 2021, leading to a series of margin calls that triggered a fire sale of its holdings.
Archegos Capital Management was a family office that managed the wealth of Hwang and his charitable foundation. The fund's downfall sent shockwaves through the financial industry, as it revealed the extent of leverage and risk-taking in the hedge fund world.