Sung Kook 'Bill' Hwang, the founder and head of a private investment firm known as Archegos, leaves the Manhattan federal courthouse, in New York, on April 27, 2022.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.
When Archegos finally ran out of money in March 2021, Hwang’s “house of cards” collapsed, prosecutors for the Southern District of New York allege. “This case has generated particular attention on Wall Street because banks, including Credit Suisse, lost billions of dollars as a result of Hwang’s alleged scheme,” said Joshua Naftalis, a former prosecutor and now partner at law firm Pallas.
“You could definitely say the prosecutors are pushing the envelope here,” said Brian Klein, a former federal prosecutor who is now a partner at law firm Waymaker. He honed his stock-picking skills from 1996 to 2000 at Tiger Management, the late billionaire Julian Robertson’s pioneering hedge fund. In 2001, Hwang launched his own hedge fund business, Tiger Asia Management.
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