Prosecutors will argue on Monday that Sung Kook 'Bill' Hwang should be convicted for his role in the 2021 collapse of his $36 billion fund Archegos Capital...
FILE PHOTO: Sung Kook 'Bill' Hwang , the founder and head of the private investment firm Archegos, arrives at federal court in New York - Prosecutors will argue on Monday that Sung Kook "Bill" Hwang should be convicted for his role in the 2021 collapse of his $36 billion fund Archegos Capital Management , as a trial draws to a close in a case that Hwang 's lawyers have said is based on an overly aggressive theory of market manipulation .
Robert Frenchman, an attorney who has defended clients in market manipulation cases, said that while the government's theory is an "unorthodox" one, former Archegos insiders who testified at trial "have been very effective in telling a troubling story about lying by Archegos." When stock prices in March 2021 fell, the banks demanded additional deposits, which Archegos could not do. The banks then sold the stocks backing Hwang's swaps, wiping out $100 million in value for shareholders and $40 billion at the banks, including $5.5 billion for Credit Suisse, now part of UBS, and $2.9 billion for Nomura Holdings.
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