Archegos Capital Management LP

On 27 April 2022 the SEC charged Archegos Capital Management and its founder Sung Kook (Bill) Hwang with a market manipulation scheme built on total return swaps^S2^S5. The complaint said Archegos reached over US$36 billion in capital on over US$160 billion in gross exposures before it collapsed in March 2021^S5. The US Attorney for the Southern District of New York prosecuted Hwang. A jury convicted him in July 2024 and he was sentenced to 18 years in prison with more than US$9 billion in restitution^S1. Press put bank losses above US$10 billion^S4. Hwang is free on bail appealing the verdict as of 2026^S3.

Also known as: Archegos, Archegos Capital
Headquarters: United States
Records from: United States
Current status: Archegos Capital Management LP was a private family office that collapsed in March 2021 and wound down its positions^S2. Its founder Bill Hwang was convicted in July 2024 and sentenced on 20 November 2024 to 18 years in prison with more than US$9 billion in restitution, and as of January 2026 he was free on bail appealing the verdict and seeking a presidential pardon^S1^S3.

Scope. This record covers the collapse of the Archegos family office in March 2021 and the US cases against it and Bill Hwang. It does not assess the separate matters against Patrick Halligan, William Tomita or Scott Becker, and it does not resolve the losses of any single bank.

Claims assessed

4 claims. Scores grade the evidence for each claim, not the organization.

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
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
Supported82
The SEC said Archegos grew to more than US$36 billion in capital with about US$160 billion in market exposure at its peak in March 2021.
Regulator statement, 27 April 20222 records citedMarket conduct
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

Cases and proceedings

United States v. Sung Kook (Bill) Hwang and Patrick HalliganUS District Court for the Southern District of New York. Criminal. Not published.Stage: Hwang convicted and sentenced, appeal pending, free on bail as of January 2026^S1^S3
- 20 November 2024 Hwang sentenced to 18 years in prison^S1^S4
- 19 December 2024 Restitution of more than US$9 billion announced^S1
SEC v. Sung Kook (Bill) Hwang, Patrick Halligan, William Tomita, Scott Becker, and Archegos Capital Management, LPUS District Court for the Southern District of New York. Civil. 1:22-cv-03402.Stage: Civil complaint filed, current status not confirmed as of October 2026^S5
- 27 April 2022 SEC files civil complaint alleging market manipulation^S2^S5

Responses on record

Bill Hwang, 21 January 2026, on The US Attorney for the Southern District of New York said that Archegos founder Bill Hwan...
Hwang is appealing the verdict behind his 18-year sentence and in January 2026 sought a presidential pardon, Bloomberg reported.^S3

Revision history

25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

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.
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.
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.
S2Tier A SEC Charges Archegos and its Founder with Massive Market Manipulation SchemeUS Securities and Exchange Commission. Regulator press release. 27 April 2022.Supports the SEC charges, the swap-based manipulation allegation and the growth and exposure figures. It states allegations, not findings.
S5Tier A Securities and Exchange Commission v. Sung Kook (Bill) Hwang, et al., ComplaintUS Securities and Exchange Commission. Court filing. 27 April 2022.Supports the case caption 1:22-cv-03402, the US$36 billion capital and US$160 billion gross exposure figures, the use of total return swaps and the billions in counterparty credit losses. It states allegations.