Archegos founder Bill Hwang seeks forgiveness after orchestrating a large-scale fraud that resulted in $10 billion in losses for banks
Archegos Founder Bill Hwang Seeks Presidential Pardon
Bill Hwang, who established Archegos Capital Management, has requested a presidential pardon following his conviction related to the dramatic downfall of his investment firm—a collapse that resulted in over $10 billion in losses for major Wall Street banks. Once a billionaire, Hwang received an 18-year prison sentence in 2024. According to the U.S. Justice Department, he submitted his pardon application last year after his sentencing.
Archegos, which operated as a family office and at its peak oversaw $36 billion in assets, imploded in 2021. The collapse occurred after Hwang was unable to fulfill margin requirements on loans used to make substantial investments in media and technology companies. In 2024, a jury found Hwang guilty on charges connected to the fund’s failure.
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