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U.S. rejects Bill Hwang's sandbagging claim in Archegos prosecution

By Jonathan Stempel NEW YORK (Reuters) - The U.S. Department of Justice forcefully rejected Bill Hwang's claim that it sandbagged him by concealing its plan to charge him with...
U.S. rejects Bill Hwang's sandbagging claim in Archegos prosecution © Reuters. Sung Kook (Bill) Hwang, the founder and head of a private investment firm known as Archegos exits the Manhattan federal courthouse in New York City, U.S., April 27, 2022. REUTERS/Shannon
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By Jonathan Stempel

NEW YORK (Reuters) - The U.S. Department of Justice forcefully rejected Bill Hwang's claim that it sandbagged him by concealing its plan to charge him with fraud over the collapse of his $36 billion Archegos Capital Management LP.

In a Thursday night filing in Manhattan federal court, prosecutors said there was no basis to grant Hwang's motion to dismiss his indictment because of prosecutorial misconduct prior to his April 27, 2022, arrest.

"Hwang's motion is predicated on a series of inflammatory claims about the government's conduct that are entirely baseless," prosecutors said. "It contains false and misleading factual claims, and outrageous and conspiratorial accusations; and it is wholly without merit."

Lawrence Lustberg, a lawyer for Hwang, said on Friday: "We are confident that we will have strong and persuasive responses to both the government's legal and factual contentions."

Archegos collapsed in March 2021 after failing to meet margin calls following trades through so-called total return swaps. Banks such as Credit Suisse Group AG and Nomura Holdings (NYSE:NMR) Inc lost about $10 billion.

Hwang claimed that prosecutors concealed how they had long viewed him as the "mastermind" of a vast market manipulation scheme, and induced him during "sham" meetings over six months to divulge his defense strategy.

But prosecutors said they made a good-faith effort to uncover what went wrong at Archegos, always engaged "professionally and fairly" with Hwang's legal team, and gave Hwang a voice before charges were brought.

Prosecutors also said courts have limited power to dismiss indictments because of government misconduct.

A hearing is scheduled for Feb. 7.

Hwang has pleaded not guilty to fraud and racketeering conspiracy charges. Co-defendant Patrick Halligan, Archegos' former chief financial officer, has also pleaded not guilty.

In a separate Thursday night filing, prosecutors rejected the defendants' claims that they committed no crimes because Archegos' trading was legal.

Prosecutors said the indictment discussed the "core criminality at issue" and essential elements of each offense, justifying a trial on the merits.

Mary Mulligan, a lawyer for Halligan, declined to comment.

The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No. 22-cr-00240.

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    EUR/USD 1.0793 Sell  
    GBP/USD 1.2624 Sell  
    USD/JPY 151.38 ↑ Buy  
    AUD/USD 0.6522 Sell  
    USD/CAD 1.3543 Buy  
    EUR/JPY 163.37 ↑ Sell  
    EUR/CHF 0.9738 ↑ Buy  
    Gold 2,254.80 Buy  
    Silver 25.100 ↑ Buy  
    Copper 4.0115 ↑ Buy  
    Crude Oil WTI 83.11 ↑ Buy  
    Brent Oil 86.99 Neutral  
    Natural Gas 1.752 ↑ Sell  
    US Coffee C 188.53 ↑ Sell  
    Euro Stoxx 50 5,082.85 ↑ Sell  
    S&P 500 5,254.35 ↑ Sell  
    DAX 18,504.51 ↑ Buy  
    FTSE 100 7,952.62 ↑ Sell  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,120.15 Neutral  
    IBEX 35 11,074.60 ↑ Sell  
    BASF 52.930 ↑ Buy  
    Bayer 28.43 Buy  
    Allianz 277.80 ↑ Buy  
    Adidas 207.00 ↑ Buy  
    Lufthansa 7.281 ↑ Sell  
    Siemens AG 176.96 ↑ Buy  
    Deutsche Bank AG 14.582 ↑ Buy  
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