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Wednesday, Jan 22, 2025
Outside the box.
Archegos Founder Bill Hwang Faces Sentencing for Fraud
Hwang, once worth $30 billion, now claims $55 million net worth.
Bill Hwang, founder of Archegos Capital Management, is set to be sentenced in New York for fraud and market manipulation relating to the 2021 collapse of his family office.
Once valued at over $30 billion, Hwang now claims to have approximately $55 million in assets, as revealed in a recent court filing.
His lawyers contest the prosecutors' demand for a $10 billion restitution and a 21-year prison sentence, arguing that Hwang's net worth is merely 0.6% of the restitution amount.
Convicted in July for misleading banks and inflating the value of Archegos' assets to as high as $36 billion before its collapse, Hwang's actions led to significant losses for counterparties, notably contributing to Credit Suisse Group AG's downturn.
The prosecution asks for a lengthy prison term, while the defense seeks no jail time, arguing insufficient proof that Hwang's actions directly caused the banks' losses.
The case is filed under US v. Hwang, 22-cr-240, in the US District Court, Southern District of New York.
Once valued at over $30 billion, Hwang now claims to have approximately $55 million in assets, as revealed in a recent court filing.
His lawyers contest the prosecutors' demand for a $10 billion restitution and a 21-year prison sentence, arguing that Hwang's net worth is merely 0.6% of the restitution amount.
Convicted in July for misleading banks and inflating the value of Archegos' assets to as high as $36 billion before its collapse, Hwang's actions led to significant losses for counterparties, notably contributing to Credit Suisse Group AG's downturn.
The prosecution asks for a lengthy prison term, while the defense seeks no jail time, arguing insufficient proof that Hwang's actions directly caused the banks' losses.
The case is filed under US v. Hwang, 22-cr-240, in the US District Court, Southern District of New York.
