A US district judge has set October 10, 2023 as the first trial date for Archegos founder Bill Hwang in New York, «Bloomberg» (behind paywall) reported Friday. 

Hwang, who was arrested on April 27, 2022, has been charged with fraud in connection with the collapse of his hedge fund Archegos. He is accused of making false statements to several banks, which led to of around $10 billion in total losses at investment banks, including Credit Suisse Nomura, Morgan Stanley and UBS, the report said. 

Credit Suisse

The incident revealed risk management failures in some of the institutions and in the case of Credit Suisse, resulted in former CEO Thomas Gottstein's resignation.

According to the US Attorney's Office, at one point Hwang's hedge fund Archegos held market positions worth up to 160 billion dollars, the report said. 

Prison Sentence

Chief financial officer, Patrick Halligan. is also being charged. If convicted, the two, who have both pleaded not guilty, face decades in prison.

Prosecutors said the trial could take about two months. Hwang and Halligan's attorneys had both asked for a trial date in early 2024, and have said they will move to dismiss charges, the report said.