Odaily News Bill Hwang, founder of Archegos Asset Management, was criminally charged for his company's 2021 bankruptcy. A two-month trial ended on Wednesday with a U.S. jury convicting Bill Hwang and co-defendant, Chief Financial Officer Patrick Halligan. Bill Hwang, 60, pleaded not guilty to one count of conspiracy to defraud, three counts of fraud and seven counts of market manipulation, but was found guilty of 10 of the 11 charges. Now, each of the charges convicted faces up to 20 years in prison, although any sentence is likely to be much lower. According to prosecutors, Bill Hwang secretly accumulated huge shares of multiple companies without actually holding the stocks. Archegos' market position once swelled to $160 billion because they adopted a deceptive trading strategy that concealed their true size from the market. The use of borrowed money and derivative securities that do not need to be publicly reported allowed Bill Hwang and his hedge fund to remain anonymous. Archegos collapsed in March 2021, as Wall Street scrambled to liquidate positions associated with Archegos. When the dust settled, it caused more than $10 billion in losses to counterparties including Credit Suisse Group AG, Morgan Stanley and Nomura. The incident also sowed the seeds for Credit Suisse's bankruptcy.