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Archegos Capital

All articles tagged with #archegos capital

business1 year ago

Archegos Founder Bill Hwang Sentenced to 18 Years for Historic Fraud

Bill Hwang, former billionaire investor and founder of Archegos Capital Management, was sentenced to 18 years in prison for orchestrating a massive fraud that led to over $10 billion in losses for Wall Street banks. Convicted on charges including wire fraud and market manipulation, Hwang's actions were described as a national calamity by prosecutors. The collapse of Archegos in March 2021 resulted in significant financial damage, with banks like Credit Suisse suffering substantial losses. Hwang's co-defendant, Patrick Halligan, will be sentenced in January.

via NBC News|
#archegos-capital#bill-hwang#business
business1 year ago

Archegos Founder Bill Hwang Receives 18-Year Prison Sentence

Bill Hwang, founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation, resulting in billions of dollars in losses for major banks. The sentence, though slightly less than the 21 years sought by prosecutors, is notably severe for a white-collar crime. Hwang's actions led to one of the largest hedge fund collapses since the 2008 financial crisis, affecting banks like Credit Suisse, Nomura, and Morgan Stanley. The judge dismissed pleas for leniency, comparing Hwang to FTX's Sam Bankman-Fried.

via BBC.com|
#archegos-capital#bill-hwang#business
finance1 year ago

Archegos Founder Bill Hwang Sentenced to 18 Years for Fraud

Bill Hwang, founder of Archegos Capital Management, was sentenced to 18 years in prison for fraud and market manipulation related to the fund's collapse in 2021. The collapse significantly impacted Credit Suisse and other major banks. U.S. District Judge Alvin Hellerstein dismissed Hwang's request for no jail time, citing the massive financial losses caused by his actions.

via Benzinga|
#archegos-capital#bill-hwang#credit-suisse
business1 year ago

Archegos Founder Bill Hwang Sentenced to 18 Years for Wall Street Fraud

Bill Hwang, founder of Archegos Capital Management, was sentenced to 18 years in prison for a massive fraud that led to over $10 billion in losses for Wall Street banks. Convicted on charges including wire fraud and market manipulation, Hwang's case was described as a national calamity. Despite his lawyers' arguments for leniency, citing his low risk of reoffending and philanthropic efforts, the court imposed a lengthy sentence. Hwang's downfall was triggered by his inability to meet margin calls, leading to a significant market impact and substantial bank losses.

via New York Post |
#archegos-capital#bill-hwang#business
finance2 years ago

UBS to be Penalized for Credit Suisse's Archegos Mishap

UBS Group AG may face hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital, after UK, Swiss and U.S. regulators completed their investigations. UBS has asked the regulators to publish their findings and announce any penalties jointly at the end of July. Credit Suisse had set aside just $35 million for potential fines, while UBS had set aside $4 billion for potential lawsuits on the Credit Suisse deal in May.

via Reuters.com|
#archegos-capital#credit-suisse#finance