Bill Hwang Faces Sentencing for $10 Billion Fraud, Prosecutors Seek 21-Year Term

Nov 20, 2024, 10:53 AM

Bill Hwang, founder of Archegos Capital Management, whose family office's soaring portfolio once made him worth more than $30 billion, now has a net worth of around $55 million. Hwang was found guilty on July 10 of fraud, market manipulation, and racketeering conspiracy. Prosecutors have recommended a 21-year prison sentence for Hwang, who is set to be sentenced next Wednesday in New York. The collapse of Archegos Capital Management in 2021 cost Wall Street banks more than $10 billion over a chaotic 72 hours. At its peak, Archegos managed a $36 billion portfolio.