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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, 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.
EFG International reported a net profit of over CHF 260 million for the first ten months of the year, slightly up from over CHF 240 million in the same period last year. However, these figures fell short of expectations, with the total profit for 2023 reaching CHF 303 million.
Raiffeisen Bank SA has been fined RON 99,466 (approximately $21,082) by the National Supervisory Authority for Personal Data Processing (ANSPDCP) for breaching GDPR regulations. The penalty follows an investigation revealing that an employee misused a client's credit application to secure a loan, despite the client's withdrawal of consent.
FINMA is intensifying its crackdown on the investor network Moonshot, apartment broker Le Bijou, and a Bernese restaurant, raising concerns about the proportionality of its actions. The authority seeks expanded powers, including the ability to impose fines and conduct more on-site inspections, following its perceived failures during the Credit Suisse collapse. Critics argue that its aggressive interventions, which have halted operations and led to financial ruin for several companies, highlight the need for stricter oversight of FINMA"s own activities.
US sanctions enforcement is intensifying, pressuring Swiss banks like UBS to comply strictly with the Office of Foreign Assets Control (Ofac) regulations. Recent inquiries into former Credit Suisse Russian clients highlight the complexities of legal obligations and banking secrecy, as banks aim to avoid severe penalties while navigating a challenging relationship with US authorities. The situation raises concerns about the protection of potentially suspicious clients and the future of attorney-client privilege in Switzerland.
The Swiss financial sector faces significant uncertainty due to geopolitical conflicts, with Finma highlighting increased risks from sanctions and cyberattacks. Legal and reputational risks for banks have escalated, particularly concerning compliance with sanctions, while the authority emphasizes the need for robust cyber risk management among service providers. Although interest rate shocks are now deemed less likely, the potential for increased credit spreads remains a concern amid the volatile macroeconomic environment.
Thomas Nussbaumer, an IT and information security expert at Raiffeisen Vorarlberg, discusses the increasing threat of cyber attacks on finances in a recent video. He outlines the measures the bank takes to safeguard customer assets and enhance security in banking.
Thomas Nussbaumer, an IT and information security expert at Raiffeisen Vorarlberg, discusses the increasing threat of cyber attacks on finances and outlines the measures the bank takes to safeguard its customers. The insights were shared during a Raiffeisen LIVE event focused on security in banking and payment methods.
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archegos founder sentenced to 18 years for massive fraud and losses
09:12 21.11.2024
bill hwang sentenced to 18 years for archegos hedge fund collapse
08:38 21.11.2024
bill hwang sentenced to 18 years for fraud and market manipulation
United States Dollar
Credit Suisse
Nomura Holdings, Inc.
UBS
Morgan Stanley
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Bill Hwang
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Swiss banks face heightened risks from sanctions and cyber threats
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ecuring finances in the age of cyber threats and mobile payments
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