NEW YORK, May 9 (Reuters) – Jury selection is expected to wrap up Thursday in the criminal racketeering trial of Sung Kook “Bill” Hwang over the 2021 collapse of his $36 billion fund Archegos Capital Management, setting the stage for opening statements and witness testimony next week.
Prosecutors, Hwang’s lawyers and U.S. District Judge Alvin Hellerstein will have a chance to question potential jurors in Manhattan federal court about their backgrounds and potential biases, a process known as voir dire. Twelve jurors and four alternate jurors will ultimately be chosen.
The potential jurors were already screened Wednesday to make sure they can serve the full length of the trial, which could last up to eight weeks.
The trial will delve into 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.
Federal prosecutors accuse Hwang of using financial contracts known as total return swaps to secretly amass outsize stakes in multiple companies without actually holding their stock.
Source: REUTER