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Bill Hwang

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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
business1 year ago

Archegos Founder Bill Hwang Gets 18-Year Sentence in Fraud Case

Sung Kook "Bill" Hwang, founder of Archegos Capital Management, received an 18-year prison sentence for securities fraud and market manipulation, which led to significant financial losses for major banks and the collapse of his firm. The scheme expanded Archegos's portfolio from $1.5 billion to $35 billion in a year, using extensive borrowing to make large investments in companies like ViacomCBS and Tencent.

via The Washington Post|
#archegos#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
finance1 year ago

Archegos Founder Bill Hwang Sentenced to 18 Years, Claims Inability to Pay $10B Restitution

Bill Hwang, founder of Archegos Capital, has been sentenced to 18 years in prison for orchestrating a massive market manipulation scheme that resulted in over $10 billion in losses for major banks. Hwang's secretive trading strategies led to a sudden market sell-off in March 2021, impacting global equity markets and prompting banks to revamp their due diligence processes. Despite his charitable work and claims of financial loss, the court deemed his actions warranted severe punishment.

via Financial Times|
#archegos#bill-hwang#finance
business1 year ago

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.

via Reuters|
#archegos#bill-hwang#business
business1 year ago

Archegos Founder Hwang Claims Inability to Pay $10 Billion Restitution

Bill Hwang, founder of Archegos Capital, claims he cannot pay the nearly $10 billion in restitution sought by prosecutors due to his reduced net worth of $55.3 million. Hwang's legal team argues that the restitution demand is unjustified and suggests that Wall Street banks seek compensation from the U.S. government, which is also pursuing a $12.4 billion forfeiture. Hwang, convicted of fraud, faces a potential 21-year prison sentence for deceiving banks and causing significant financial losses.

via Fortune|
#archegos#bill-hwang#business
finance2 years ago

Archegos Founder Bill Hwang Faces SEC Fraud Charges in $36B Firm's Collapse

Bill Hwang, the founder of Archegos Capital Management, will face SEC fraud charges over the firm's $36 billion collapse in March 2021. A federal judge rejected Hwang's bid to dismiss the lawsuit, stating that the SEC had plausibly alleged that Hwang and Archegos intentionally concealed risks and manipulated markets to inflate stock values. The judge dismissed some fraud-based claims against Archegos' former CFO but allowed the SEC to pursue claims against another executive. The Department of Justice's request to put the SEC civil case on hold was granted to pursue related criminal charges. Hwang's and the CFO's trial is scheduled for February 2024.

via New York Post |
#archegos-capital-management#bill-hwang#finance