Sung Kook 'Bill' Hwang, the founder and head of private investment firm Archegos, leaves the Manhattan federal courthouse, in New York, on April 27, 2022.The trial of Sung Kook “Bill” Hwang kicks off with opening statements in Manhattan federal court on Monday on charges stemming from the 2021 collapse of his $36-billion fund Archegos Capital Management.
Testimony in the trial, which could last up to eight weeks, will centre on the implosion of Hwang’s lightly regulated family investment office Archegos, which prosecutors allege caused more than $100-billion in shareholder losses at companies in its portfolio. His positions were so large they eclipsed that of the companies’ largest investors, driving up stock prices, prosecutors say. At its peak, they say, Archegos had $36-billion in assets and $160-billion of exposure to equities.
Prosecutors claim Hwang and former Archegos Chief Financial Officer Patrick Halligan, who is also on trial, lied about their holdings to sustain their business relationship with global banks.
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