United States v. Sung Kook (Bill) Hwang and Patrick Halligan

Decisions and steps

1. July 2024Jury convicts Hwang after a nine-week trial^S1
2. 20 November 2024Hwang sentenced to 18 years in prison^S1S4
3. 19 December 2024Restitution of more than US$9 billion announced^S1

Claims this case bears on

• Supported90
  The US Attorney for the Southern District of New York said that Archegos founder Bill Hwang was convicted in July 2024 and sentenced to 18 years in prison with more than US$9 billion in restitution.
  Regulator statement, 19 December 20244 records citedFraud
• Outdated75
  News reports in November 2024 said Bill Hwang was sent to prison for 18 years for the Archegos fraud.
  Press report, 20 November 20243 records citedFraud
• Supported86
  The SEC alleged in April 2022 that Bill Hwang entered into total return swaps with no economic purpose other than to drive up the prices of the underlying stocks.
  Regulator statement, 27 April 20223 records citedMarket conduct

Sources

1. S1Tier A Founder and Head of Archegos Capital Management Bill Hwang Sentenced to 18 Years in PrisonUS Attorney's Office, Southern District of New York. Government press release. 19 December 2024.Supports the July 2024 conviction on racketeering conspiracy, securities fraud, market manipulation and wire fraud, the 18-year sentence by Judge Hellerstein and more than US$9 billion restitution. Names Halligan and his 27 January 2025 sentencing date.
2. S4Tier C Archegos's Bill Hwang sentenced to 18 years in prison for massive US fraudAl Jazeera. Press report. 20 November 2024.Supports the 20 November 2024 sentencing, the more than US$10 billion bank loss figure and the US$5.5 billion Credit Suisse loss. Used for the sentencing date and colour.
3. S3Tier C Bill Hwang Seeks Pardon for Fraud That Cost Banks $10 BillionBloomberg. Press report. 21 January 2026.Supports that Hwang is free on bail appealing the verdict and sought a presidential pardon in January 2026. Used for current status only.