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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, 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.
Kook Hwang
People
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bill hwang seeks sentence reduction citing age and health concerns
12:34 22.11.2024
bill hwang faces 21 years in prison for market manipulation and fraud
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10:11 18.11.2024
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