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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.
Bitcoin is nearing $100,000 amid rising optimism as SEC Chair Gary Gensler announces his resignation effective January 20, paving the way for a Wall Street-friendly successor under President-elect Trump. Meanwhile, Alphabet shares dropped 4% following a DOJ proposal to split off the Chrome browser, and Citadel's Ken Griffin hinted at selling a minority stake in the future. Additionally, Archegos founder Bill Hwang received an 18-year sentence for fraud related to the firm's 2021 collapse.
Bill Hwang, founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation following the fund's collapse in 2021, which affected major banks like Credit Suisse and Nomura. Hwang was convicted on ten counts after misleading banks to finance risky investments, leading to a staggering $160 billion market exposure. A hearing regarding potential compensation is set for Thursday, while the former CFO, Patrick Halligan, awaits sentencing on January 27.
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, founder of the hedge fund Archegos, has been sentenced to 18 years in prison after causing billions in losses for major banks. His fund, which initially thrived by making risky bets on a few stocks with borrowed money, collapsed in March 2021 when it could not meet collateral demands, leading to significant financial fallout for institutions like Credit Suisse and Morgan Stanley.
Bill Hwang, founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation, following the collapse of his hedge fund in 2021, which was valued at $36 billion. The court found that Hwang's actions led to significant losses for major banks, including Credit Suisse, Morgan Stanley, and UBS. The prosecution had sought a 21-year sentence, but the judge deemed this excessive.
UK inflation accelerated sharply to 2.3% in October, driven by rising energy prices, prompting expectations that the Bank of England will postpone rate cuts. Meanwhile, Nvidia reported a near doubling of its third-quarter revenue, fueled by strong demand for AI chips. In other news, Bill Hwang, founder of Archegos, was sentenced to 18 years in prison for fraud, and China is preparing countermeasures against US companies amid trade tensions.
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.
Bill Hwang, founder of Archegos Capital Management, faces a potential 21-year prison sentence for orchestrating a market manipulation scheme that led to over $10 billion in losses for lenders. Convicted of multiple felonies, including securities fraud, Hwang's lack of remorse and history as a repeat offender have influenced the prosecution's demands, which also include the forfeiture of $12.35 billion for victim compensation. An appeal is anticipated as Hwang's defense argues against the necessity of a prison term, citing insufficient evidence linking his actions to the financial fallout.
Bill Hwang
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