Bill Hwang sentenced to 18 years in prison in Archegos case

Quick Summary:

Archegos Capital Management founder Bill Hwang was ordered to spend 18 years in prison for fraud and market manipulation tied to the stunning 2021 collapse of his $36 billion family office, capping a case that riveted Wall Street.

On Wednesday, prosecutors noted that Goldman was the sole bank out of a group of nine that wasn’t seeking restitution in the case, though it said it suffered some losses in the form of legal fees.

Archegos used “very aggressive” algorithmic trading techniques to ensure it accounted for a very large percentage of the trading volume for the firm’s portfolio stocks, Tomita said.

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Author / Journalist: Bob Van Voris, Chris Dolmetsch & Ava Benny-Morrison | Bloomberg

Category: BusinessStartups

Markets: Philippines

Topics: Hwang’s Hwang Hellerstein Trading Judge Losses Group Banks Sentence Archegos Fraud

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-21 @ 11:33:31 (21 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1088 words

Reading Time: 7 minutes read

Sentences: 42 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23738990

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 67 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 12 hours ago

Coverage Areas: Philippines

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