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SDNY Trial of Hwang For Archegos $34 Billion Meltdown Postponed to May 6

By Matthew Russell Lee, Patreon Substack

SDNY COURTHOUSE, Jan 22 –  In the wake of the Archegos meltdown, the other shoe dropped on April 27, when the US Attorney for the SDNY unsealed and indictment charging Bill Hwang Patrick Halligan, Archegos’s CFO with racketeering conspiracy, securities fraud, and wire fraud offenses.   

On June 1, newly assigned District Judge Alvin K. Hellerstein held a conference in the case. Inner City Press attended and live tweet it here (and asked defense counsel a question later, here

Jump cut to November 14, 2023 when Judge Hellerstein held an oral argument on the subpoena requests. Inner City Press attended, in mask, and tweeted, threadette

On January 3, 2024, still mostly masked, Judge Hellerstein said the proposed experts are qualified, that sufficient notice is the issue. He said he will follow Judge Jed Rakoff's decision in US v. Mrabet, which Inner City Press also covered.  At the end Judge Hellerstein said, with a laugh, Don't settle this case, I want to try it.

On January 8 Hwang's counsel filed a motion to exclude 16 gigabytes of trading data they say should have been produced to them 17 months ago - and email notes of previous counsel's communications with the prosecutors, on Patreon here.

On January 22, Judge Hellerstein pushed the trial back to May 6: "ORDER as to Sung Kook (Bill) Hwang, Patrick Halligan. The start of trial in the above-captioned case is adjourned to May 6, 2024 at 10:00 a.m. The final pre-trial conference is adjourned to April 16, 2024 at 2:30 p.m. The parties shall submit a reworked calendar of dates for pre-trial motions and hearings to the Court in accordance with this new timeline. Additionally, the conference set for January 23, 2024 is adjourned to February 7, 2024 at 11:00 a.m. In the interest of justice, time is excluded until the start of trial. The Defendants' motion for a jury questionnaire, ECF No. 129, is denied."

More details on Substack here


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