Bill Hwang arrives in court for trial over collapse of his $36 billion Archegos fund
NEW YORK -Sung Kook "Bill" Hwang arrived in court Wednesday for the start of his criminal racketeering trial over the collapse of Archegos Capital Management, facing charges that he and a deputy broke the law in a massive stock scheme that unraveled in just days in 2021.
Those who pass that hurdle will face more detailed questioning regarding their suitability on Thursday before the final panel is chosen. They also claim Hwang and former Archegos Chief Financial Officer Patrick Halligan then lied about their holdings to sustain their business relationship with global banks.
Hwang's lawyers have described the case as the "most aggressive open market manipulation case ever" brought by prosecutors.Archegos head trader William Tomita and Chief Risk Officer Scott Becker have pleaded guilty to related charges and are expected to testify at the trial. Authorities have said Archegos borrowed aggressively to boost trading capacity and at its peak had $36 billion in assets and $160 billion of exposure to equities. Falling stock prices in March 2021 triggered margin calls that Archegos was unable to meet.
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