Reported 8 days ago
Prosecutors are recommending a 21-year prison sentence for Bill Hwang, founder of Archegos Capital Management, for committing one of the largest securities fraud schemes in history that resulted in his firm's collapse and billions in losses. Hwang was convicted for misleading banks to inflate the value of Archegos' portfolio before it collapsed in March 2021. The sentencing is set for November 20, where Hwang's defense argues against incarceration due to his health and age, although many have called for leniency.
Source: YAHOO