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Bill Hwang, the founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation, following the collapse of his $36 billion firm. His legal team is seeking a reduction of the sentence, citing his age and health, and proposing house arrest after 11.5 years. A hearing is scheduled for December 18, where further motions will be considered, and an appeal is expected.
Bill Hwang, the founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation related to the 2021 collapse of his $36 billion family office. The sentence, handed down by US District Judge Alvin Hellerstein, was less than the 21 years sought by prosecutors, while Hwang's defense had requested no prison time.
Bill Hwang, founder of Archegos Capital Management, is set to be sentenced for fraud and market manipulation linked to the 2021 collapse of his $36 billion family office. Prosecutors are seeking over 20 years in prison and $10 billion in restitution, while Hwang"s lawyers argue he should receive no prison time, citing his current worth of approximately $55 million.
Former UBS Vice Chair Bob Foresman has joined a coalition of Wall Street figures, clergy, and an ex-NFL linebacker advocating for leniency for Bill Hwang, founder of Archegos Capital Management. Hwang, facing sentencing for fraud and market manipulation, could receive up to 200 years in prison for his convictions. His lawyers submitted over 100 letters, including Foresman's, urging the court for no prison time ahead of the sentencing on November 20.
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bill hwang seeks sentence reduction citing age and health concerns
12:34 22.11.2024
bill hwang sentenced to 18 years for fraud and market manipulation
21:07 20.11.2024
bill hwang faces sentencing for fraud and market manipulation charges
13:01 20.11.2024
former UBS vice chair advocates leniency for Archegos founder Bill Hwang
21:35 11.11.2024
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