Archegos boss Bill Hwang's trial to test unusual manipulation theory

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.

The trial, which begins with jury selection on Wednesday, is expected to lift the lid on the inner workings of Wall Street and banks' dealings with profitable but risky clients. 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.

Hwang turned Tiger Asia into a family office, renaming it Archegos Capital Management in early 2013. Reuters reported in 2021 how Hwang rebuilt his connections on Wall Street. An Indian judge has dismissed a woman’s complaint that her husband committed “unnatural sex,” because under Indian law it’s not illegal for a husband to force his wife to engage in sexual acts.

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