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Bill Hwang, the South Korean founder of the collapsed hedge fund Archegos, has been sentenced to 18 years in prison for massive fraud. A jury found him guilty on ten of eleven charges, with his actions leading to billions in losses for banks, including Credit Suisse, which faced near bankruptcy in 2023. Hwang's fund, which initially thrived by betting heavily on a few stocks, collapsed in March 2021 after failing to meet collateral demands.
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.
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.
Former UBS Vice Chair Bob Foresman has joined calls for leniency for Bill Hwang, founder of Archegos Capital Management, who faces sentencing for fraud and market manipulation. Hwang, convicted of misleading banks to inflate trading capacity, could receive up to 200 years in prison. Supporters emphasize his philanthropic efforts and commitment to faith, urging the court to consider his character over the financial losses incurred during Archegos' collapse.
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. Foresman submitted one of over 100 letters urging the court to consider no prison time when Hwang is sentenced on November 20 by US District Judge Alvin Hellerstein in Manhattan.
Alvin Hellerstein
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09:12 21.11.2024
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21:35 11.11.2024
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