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NEW YORK - Attorneys for Sung Kook “Bill” Hwang are expected to argue that prosecutors are pushing a novel and nonsensical market manipulation theory when the criminal trial of the former Archegos Capital Management boss kicks off in New York this month.Archegos, a $36 billion family office which invested Hwang's personal wealth, collapsed spectacularly in March 2021 after its highly leveraged bets on a small number of stocks via complex derivatives quickly soured.
The fund's blow up, one of the biggest in years, left global banks nursing $10 billion in losses, including $5.5 billion at Credit Suisse, contributing to the Swiss bank's own downfall last year. Prosecutors also allege Archegos' collapse caused more than $100 billion in shareholder losses at companies in its portfolio.
Hwang, a former hedge fund manager who was known on Wall Street for his highly risky investing style, has pleaded not guilty and denies all the charges. In a December court filing, his attorneys said that it was the"most aggressive open market manipulation case ever" brought by prosecutors. Typically, market manipulation involves some kind of trickery, but the stock purchases Archegos made in the open market do not appear to involve deception, said Robert Frenchman, an attorney who has defended clients in market manipulation cases.A spokesperson for the prosecution declined to comment.
The fund grew quickly, but then losses and regulatory issues in Hong Kong and the United States led the firm to shut in 2012. Hwang paid $44 million to settle U.S. insider trading charges.
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