NEW YORK, Nov. 20 (Xinhua) -- South Korean-born American and former billionaire investor Bill Hwang could face a long stay in prison after he is sentenced on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than 10 billion U.S. dollars.
Hwang will be sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation.
Prosecutors are seeking a 21-year prison term, and for Hwang to forfeit 12.35 billion dollars and make restitution to victims, according to media reports.
Hwang asked for no prison, forfeiture or restitution. He also wants to remain free on bail while he appeals his conviction, saying he is not a flight risk or threat to the community.
Archegos Capital Management was a limited partnership family office that managed the personal assets of Bill Hwang, at one time managing over 36 billion dollars in assets.
On March 26, 2021, Archegos defaulted on margin calls from several global investment banks, including Credit Suisse and Nomura Holdings, as well as Goldman Sachs and Morgan Stanley.
On April 27, 2022, Hwang was indicted and arrested on federal charges of fraud and racketeering. ■