Diamond Member Pelican Press 0 Posted 23 hours ago Diamond Member Share Posted 23 hours ago This is the hidden content, please Sign In or Sign Up Archegos’ Bill Hwang sentenced to 18 years in prison for massive U.S. ****** Archegos Capital Management founder Sung Kook “Bill” Hwang attends his sentencing on a ****** conviction stemming from the 2021 collapse of his $36 billion private investment firm, at the ******* States District Court in Manhattan in New York City, U.S., November 20, 2024. Brendan Mcdermid | Reuters Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion. Hwang was sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 ********* charges including wire ******, securities ****** and market manipulation. Archegos’ March 2021 implosion took less than a week, stunning Wall Street and Hwang’s lenders. The U.S. Attorney’s office in Manhattan sought a 21-year prison term for Hwang — unusually long for a white-collar case — and for him to forfeit $12.35 billion and make restitution to victims. “It stands among a rare class of cases that truly could be described as a national calamity,” prosecutor Andrew Thomas said at the sentencing hearing before Hellerstein. Before sentencing Hwang, Hellerstein asked the defendant’s lawyer, Dani James, how she thought Hwang compared to Sam Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange. “Mr. Bankman-Fried was literally stealing from his customers,” James said. “I don’t think that’s what’s happened here.” Hwang had asked for no prison, forfeiture or restitution, and to remain free on bail while he appealed his conviction. James said his low risk of committing more ******* meant a lengthy prison term served no purpose. “The notion that he would commit a ****** in the future, it’s just not so,” James said. Bankman-Fried denies wrongdoing and is appealing his conviction. FILE PHOTO: Sung Kook ‘Bill’ Hwang, the founder and head of the private investment firm Archegos, arrives at federal court for his ********* racketeering trial, in New York City, U.S., May 21, 2024. David Dee Delgado | Reuters Started as a family office Hwang, 60, was a protégé of late hedge-fund billionaire Julian Robertson. He set up Archegos in New York as a family office in 2013, the year after his former hedge fund Tiger Asia Management pleaded guilty to wire ****** in an insider-trading case. Prosecutors accused Hwang of lying to banks about Archegos’ portfolio so he could borrow money aggressively and make concentrated bets on media and technology stocks such as ViacomCBS, now called Paramount Global. While Archegos eventually managed $36 billion, Hwang’s borrowing helped him amass $160 billion of exposure to stocks. His downfall occurred when Hwang was unable to meet margin calls, as the prices of some of his favorite stocks began falling and various banks unloaded stocks that had backed his so-called total return swaps. More than $100 billion of market value in Hwang’s stocks was wiped out. Several banks suffered losses, including Credit Suisse, which lost $5.5 billion, and Nomura Holdings. Credit Suisse is now part of UBS. Hwang’s lawyers’ request for no punishment also cited Hwang’s ********** ****** and his nonprofit Grace and Mercy Foundation, which has since 2006 donated at least $600 million to combat homelessness, ******** and human trafficking, among other causes. Hwang’s lawyers have said his net worth has fallen to “at most” $55.3 million. Hwang’s co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three ********* charges. His sentencing is scheduled for Jan. 27. Both chose not to testify at their two-month trial. This is the hidden content, please Sign In or Sign Up #Archegos #Bill #Hwang #sentenced #years #prison #massive #U.S #****** This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up Link to comment https://hopzone.eu/forums/topic/172143-archegos%E2%80%99-bill-hwang-sentenced-to-18-years-in-prison-for-massive-us-fraud/ Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now