Hwang was arrested April 27 and charged with fraud over the collapse of Archegos, which at one point held market positions valued at US$160 billion ($213.88 billion), according to prosecutors. The implosion cost banks US$10 billion and contributed to the downward spiral at Credit Suisse Group AG.
Archegos Capital Management’s Bill Hwang lost his bid to have charges against him dismissed as well as for a hearing over his claims that prosecutors improperly duped him into providing them with information used to indict him.
US District Judge Alvin Hellerstein in Manhattan ruled from the bench on Tuesday, rejecting entirely arguments by Hwang to dismiss racketeering conspiracy, fraud and market manipulation charges.
