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Bill Hwang arrives in court for trial over collapse of his $36 billion Archegos fund
By Jerry
NEW YORK, May 8 (Reuters) – 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.
Hwang appeared in a dark suit and purple tie in the Manhattan federal courtroom for the first day of screening potential jurors.
The potential jurors were called into the judge’s chambers one by one for an initial round of questioning, which will focus on whether they can sit for the expected eight weeks of trial.
Those who pass that hurdle will face more detailed questioning regarding their suitability on Thursday before the final panel is chosen.
The trial will delve into the implosion of Hwang’s lightly regulated family investment office, which prosecutors allege caused more than $100 billion in shareholder losses at companies in its portfolio.
Federal prosecutors accuse Hwang of using derivatives to secretly amass positions in multiple stocks that were so large they eclipsed that of the companies’ largest investors, driving up stock prices.
Source: REUTER
