Reported 8 days ago
Federal prosecutors have recommended a 21-year prison sentence for Bill Hwang, founder of Archegos Capital Management, following his conviction for a market manipulation scheme that led to the firm's collapse and significant losses for lenders. The prosecutors, calling Hwang an 'unrepentant recidivist,' also seek a $12.35 billion forfeiture and restitution to victims, emphasizing that a severe penalty would deter similar future misconduct. Hwang's lawyers, however, argue against imprisonment, citing his age, health issues, and philanthropic activities.
Source: YAHOO