“世纪大爆仓”悬疑：Bill Hwang到底有没有操纵股价？

华尔街见闻2022-04-30

专家表示，美国当局可能很难证明，这场“世纪大爆仓”的主人公，操纵市场并推高股价。在周三 Bill Hwang 和 Archegos 的前首席财务官 Patrick Halligan 被联邦警方逮捕之前，美国当局已经花了数月时间来收集证据，支持他们的指控。指控的罪名是他们为提高收益而策划操纵上市公司股价，在美国证券市场上引起了巨震。Archgos的爆仓事件给华尔街的顶级投行们造成了数十亿美元的损失，...

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Comments

襄阳赤兔
2022-05-01
襄阳赤兔
一幫大鱷們被流氓幹倒了，年青人太囂張了。
刻在你心底的名字
2022-05-01
刻在你心底的名字
有哪些投行中呢
Youn7276
2022-05-01
Youn7276
Ok
开洱文
2022-05-01
开洱文
6
HCBICE
2022-04-30
HCBICE
[財迷]
小小小橘子
2022-04-30
小小小橘子
h

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price?","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/d1da6e675784f14cde14b066f1037e51","symbols_score_info":{".DJI":0.9},"content_text":"专家表示，美国当局可能很难证明，这场“世纪大爆仓”的主人公，操纵市场并推高股价。在周三 Bill Hwang 和 Archegos 的前首席财务官 Patrick Halligan 被联邦警方逮捕之前，美国当局已经花了数月时间来收集证据，支持他们的指控。指控的罪名是他们为提高收益而策划操纵上市公司股价，在美国证券市场上引起了巨震。Archgos的爆仓事件给华尔街的顶级投行们造成了数十亿美元的损失，并使近12家公司的估值蒸发了超过1000亿美元。但法律专家表示，检察官可能仍难以证明被告操纵股价。这需要说服陪审团，证明 Bill Hwang 人为抬高股价的行为，已经使证券市场正常的供求关系失衡。Bill Hwang的律师坚称，他的当事人“完全没有任何不当行为\"，这些指控是夸大其词。他是无辜的，将被证明无罪。操纵股价就能构成刑事案件吗？美国证监会（SEC）在起诉书中表示：两人和公司的其他人向安排衍生品交易的大银行做出了“重大虚假和误导性陈述”。这些交易都不是基于对特定发行者真实价值的原则性行为，而是有意人为地抬高股价。专家表示，单单是这些购买股票的行为并不一定构成非法活动，这可能会让 Bill Hwang 操纵市场的指控很难得到证明。一位资深的犯罪律师发问道：如果其目的仅仅是推动股价，这难道就能构成刑事案件吗？这是一个非常微妙和复杂的问题，本案是让我们思考这个问题的绝佳案例。市场操纵是美国检方对 Bill Hwang 提起的11项刑事指控之一。他还被指控犯有敲诈勒索罪和欺诈罪。他的副手、前首席财务官 Patrick Halligan 也被逮捕和指控，但不涉及市场操纵。两人都表示不认罪。操纵市场的指控通常出现在美国证监会（SEC）或商品期货交易委员会（CFTC）等机构提起的民事案件中。与刑事诉讼相比，民事案件的举证责任较轻。但即便如此，律师也很难使这些指控成立。30年前涉及华尔街当红交易员约翰·穆赫伦（John Mulheren）的一起案件，被视为是罕见的股票操纵刑事案例。他的罪名最终被推翻，理由是陪审团的决定是基于猜测，并且证据不足。据英国金融时报报道，杜克大学公司法和证券法教授 James Cox 表示，穆赫伦案“极大地说明了操纵指控案存在的问题”。SEC 还指控 Bill Hwang 无视他的研究分析师，下令 Archegos 在开盘前或交易日最后30分钟进行交易，以最大限度地扩大市场影响。操纵目标为上市企业巨头 案件更为扑朔迷离Cox 表示，对美国当局来说，这是一个“检查信心的时刻（gut check moment）”，这一案件不会是有把握的，因为要将大量证据和交易数据提炼成陪审员可以理解的形式，这存在着“巨大的挑战”。他补充说，由于 Archegos 公司资本从2020年3月的15亿美元膨胀到一年后的350亿美元，被指控的操纵行为涉及在美国最大交易所上市的企业巨头们，而不是其他更典型的小型公司，因此该案件将更加复杂。据报道，Bill Hwang 涉嫌操纵的公司股票包括美国媒体公司 ViacomCBS、Discovery Communications Inc、Texas Capital Bancshares、Rocket Companies等，还有腾讯音乐、爱奇艺等中概股。然而，Cox 还补充道：“尽管操纵的目标不同寻常，但交易员所做的成交量也非常不同寻常。在某些方面，这种不寻常的情况可能会帮助到政府。”据英国金融时报报道，Dickinson Wright 的合伙人 Jacob Frenkel 表示：举证责任完全落在政府头上。但检察官通常不会提出指控，除非他们根据证据预计会大获全胜。爆仓的规模和对其行为的描述表明，对被告来说，这将是一场艰苦的战斗。美国检方还得到了 Archegos 风险管理总监和首席交易员的配合，他们已经认罪。如果案件进入审判阶段，他们的潜在证词可能对诉讼的结果至关重要。他们被指控与 Hwang 和 Halligan 一起向银行撒谎，以获得用于抬高公司股价的数十亿美元。在审判中，检察官可能会将重点放在被告编织的巨大谎言上，而不是深入研究复杂的金融交易来赢得陪审团的支持。但法庭观察人士表示，在陪审员眼里，顶级投行是“不受欢迎的”受害者，很难引起大家的同情。Frenkel指出，这也可以解释为什么检方没有指控被告对银行进行欺诈。他补充说：“政府不指控银行诈骗罪，反过来可以削弱被告为自己开脱罪名的借口——即银行是其某种形式的共犯。”检方称，被告对银行和经纪公司的虚假陈述，构成了敲诈勒索罪。这令法律专家感到意外，因为这一指控通常针对有组织犯罪。哥伦比亚大学法学院教授 John Coffee 表示，与美国敲诈勒索罪名相关的严厉没收处罚，可能才是当局列入这一指控的首要原因。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":616308525,"gmtCreate":1651407484624,"gmtModify":1676533053516,"author":{"id":"4092177932484180","authorId":"4092177932484180","authorIdStr":"4092177932484180","name":"襄阳赤兔","avatar":"https://static.tigerbbs.com/f8028d384edafa7b6d189626466fbab1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4092177932484180"},"htmlText":"一幫大鱷們被流氓幹倒了，年青人太囂張了。","listText":"一幫大鱷們被流氓幹倒了，年青人太囂張了。","text":"一幫大鱷們被流氓幹倒了，年青人太囂張了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/616308525","repostId":1145531422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9069723021,"gmtCreate":1651365975389,"gmtModify":1676534894618,"author":{"id":"3582432838333258","authorId":"3582432838333258","authorIdStr":"3582432838333258","name":"刻在你心底的名字","avatar":"https://static.tigerbbs.com/3b896b10dcc0ddde99de1c86d0e60bd9","vip":1,"hat":"https://static.tigerbbs.com/646756f1284a5a6480ed02cc4fa7d1d2","crmLevel":5,"crmLevelSwitch":0,"idStr":"3582432838333258"},"htmlText":"有哪些投行中呢","listText":"有哪些投行中呢","text":"有哪些投行中呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069723021","repostId":1145531422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9069454932,"gmtCreate":1651356566752,"gmtModify":1676534892431,"author":{"id":"3577393549070429","authorId":"3577393549070429","authorIdStr":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577393549070429"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069454932","repostId":1145531422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9069482984,"gmtCreate":1651334491894,"gmtModify":1676534891578,"author":{"id":"3578098715246654","authorId":"3578098715246654","authorIdStr":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578098715246654"},"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069482984","repostId":1145531422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9069408513,"gmtCreate":1651328977425,"gmtModify":1676534890651,"author":{"id":"3568697814695599","authorId":"3568697814695599","authorIdStr":"3568697814695599","name":"HCBICE","avatar":"https://static.tigerbbs.com/b4851c4a27e84de19dd126ece72f2e29","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":7,"crmLevelSwitch":1,"idStr":"3568697814695599"},"htmlText":"[財迷]&nbsp;","listText":"[財迷]&nbsp;","text":"[財迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069408513","repostId":1145531422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9069587450,"gmtCreate":1651314792922,"gmtModify":1676534889257,"author":{"id":"3573976318383866","authorId":"3573976318383866","authorIdStr":"3573976318383866","name":"小小小橘子","avatar":"https://community-static.tradeup.com/news/cdc454c1bd35f0fb1202ed00c9d6ff76","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3573976318383866"},"htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069587450","repostId":1145531422,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":147,"commentSize":6,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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