Bill Hwang, the founder of failed hedge fund Archegos, which went bust in 2021 leaving banks nursing billions of dollars in losses, will face trial this week on alleged securities fraud and market manipulation charges, according to a report by Barron's.

The fund's implosion came after a series of huge stock market bets made with borrowed money backfired, leaving the fund unable to meet the "margin calls" need to cover the losses.

Credit Suisse, Nomura and Morgan Stanley were among the banks left with losses of around $10bn.

Hwang and Patrick Halligan, CFO of Archegos, were both arrested by the FBI in April 2022 and both deny the charges against them. The report cites a listing issued by prosecutors in revealing that their trial is due get underway at 13:00 GMT on Monday 13 May in a Manhattan federal court.