TruthArchive.ai - Tweets Saved By @kshaughnessy2
@kshaughnessy2 - kristen shaughnessy
Not a good day in court for Archegos Founder Bill Hwang "Former Archegos head trader William Tomita took the stand for what’s expected to be several days of testimony as one of the prosecution’s star witnesses. He immediately admitted committing “financial crimes, namely market manipulation and lying to banks,” then implicated Hwang. “I was directed to do so by my former boss,” Tomita said, identifying Hwang in court. Of the major witnesses, Tomita worked most directly with Hwang himself and is therefore key to connecting the Archegos founder to the charged conduct. Tomita said Hwang instructed his traders to do “the opposite” of what a “normal fund” would. He noted that normal funds would try to build up their positions at the lowest cost and try to minimize the impact of their own trading on prices. At Archegos, Tomita said he says he could see the effect of the volume of the firm’s trades versus others and knew he was moving the market. "I could see that it was me that generated the stock price,” he testified..." https://www.bloomberg.com/news/live-blog/2024-06-10/archegos-trial-june-10
@kshaughnessy2 - kristen shaughnessy
“Hwang taught him how to trade, how to lie to the banks and how to manipulate the market,” Alliances fall apart quickly when prison time becomes part of the equation. Former Archegos head trader William Tomita "agreed to plead guilty and testify against them (Hwang and former CFO Patrick Halliganin) in hopes of leniency" "....most of the witnesses so far had little or no contact with Hwang himself. That won’t be true of William Tomita, who is expected to take the stand against Hwang as soon as Monday. The government’s other star witness, former chief risk officer Scott Becker, has already told the jury he duped the banks into believing the firm’s positions were far less risky than they were. Tomita, who handled the trading on which the trial turns, could provide a window on the tactics that catapulted Hwang’s fortune from $1.5 billion to $36 billion in the year before the firm’s spectacular collapse. “Hwang taught him how to trade, how to lie to the banks and how to manipulate the market,” Assistant US Attorney Alexandra Rothman said of Tomita in her opening statement last month. In the end, Archegos’ meltdown would cost banks including Morgan Stanley $10 billion and help bring down Credit Suisse Group AG..." https://finance.yahoo.com/news/bill-hwang-faces-dangerous-archegos-110000781.html
