Archegos Founder Bill Hwang Faces Sentencing in US Fraud Case

Bill Hwang, founder of Archegos Capital Management, faces sentencing for a massive fraud that cost banks over $10 billion. Convicted on charges including wire and securities fraud, prosecutors seek a 21-year prison term and $12.35 billion forfeiture. Hwang's defense argues for no jail time, citing low recidivism risk and his charitable work. The collapse of Archegos in 2021 led to significant financial losses for banks like Credit Suisse and Nomura. Hwang's co-defendant, Patrick Halligan, will be sentenced in January.