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STORY: Archegos Capital Management founder Bill Hwang was convicted of fraud Wednesday by a jury in New York.

Seen here at an earlier court appearance, Hwang was found guilty on 10 of 11 criminal counts, with his deputy Patrick Halligan also convicted.

Prosecutors had accused them of market manipulation over the 2021 collapse of Archegos, Hwang's $36 billion private financial firm.

They say the two lied to banks to obtain billions of dollars that were then used to pump up selected stock prices.

The meltdown sent shockwaves across Wall Street, and drew attention from watchdogs worldwide.

Prosecutors estimate the collapse cost banks $10 billion in losses, and caused more than $100 billion in shareholder losses.

Credit Suisse - now part of UBS - and Japan’s Nomura were among the financial firms worst hit.

Lawyers for the two men argued they used aggressive but legal trading tactics.

The pair had pleaded not guilty, but now face jail terms of up to 20 years on each count.

However, lawyers say the actual sentences will probably be much lower.

A judge set sentencing for October 28th, until when both men will remain free on bail.