AssetID: 54323540
Headline: UNCAPTIONED: Bill Hwang Sentenced to 18 Years for Archegos Collapse
Caption: Bill Hwang Sentenced to 18 Years for Archegos Collapse. Former Wall Street investor Bill Hwang has been sentenced to 18 years in prison for fraud and market manipulation tied to the collapse of his investment fund, Archegos Capital Management, in 2021. The fund's failure triggered massive losses for major banks like Credit Suisse, Nomura, and Morgan Stanley. Judge Alvin Hellerstein called the losses caused by Hwang unprecedented, though the sentence fell short of the 21 years prosecutors sought. Hwang was found guilty of deceiving banks to make large, secretive bets on companies. When Archegos failed to repay its lenders, a stock sell-off followed, causing one of the largest hedge fund collapses since 2008. Prosecutors are also seeking restitution, with a decision expected soon. Once worth $30 billion, Hwang’s wealth has now dwindled to $55 million. His lawyers argued against severe punishment, citing his faith and charitable work. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,former,Wall Street,investor,Bill Hwang,sentenced,18 years,collapse,Investment fund,Archegos Capital Management,2021,fraud,guilty,prison,lender,stock,sell-off,Morgan Stanley,Credit Suisse,Nomura,banks,judge,lawyers,billions,billionaire,losses,unprecedented,deception,large,secretive,bets,companies,largest,hedge fund collapse,punishment
PersonInImage: