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"We allege that these defendants and their co-conspirators lied to banks to obtain billions of dollars that they then used to inflate the stock price of a number of publicly-traded companies," said Manhattan U.S. Attorney Damian Williams."The lies fed the inflation, and the inflation led to more lies. Round and round it went."
"We are extremely disappointed that the U.S. Attorney’s Office has seen fit to indict a case that has absolutely no factual or legal basis; a prosecution of this type, for open-market transactions, is unprecedented and threatens all investors," Lustberg said in a statement.
The criminal charges followed the spectacular implosion, in March 2021, of Archegos, which lost billions in mere days. Prosecutors said Hwang traded in a way that hid the true size of his positions from the rest of the investing public.
Isn’t that true of most financial firms and why aren’t they all in prison
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