Archegos’ Bill Hwang requests pardon for massive fraud that cost banks $12b
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Bill Hwang was sentenced to 18 years in prison in 2024.
PHOTO: REUTERS
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- Bill Hwang, convicted of fraud after Archegos' 2021 collapse costing banks billions, has applied for a presidential pardon in 2025.
- Hwang, sentenced to 18 years for crimes including securities fraud and market manipulation, seeks clemency after serving his sentence.
- The Justice Department reviews pardon applications, but the President, namely Donald Trump, makes the final decision (Reuters).
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WASHINGTON - Bill Hwang, the founder of Archegos Capital Management, has sought a presidential pardon for his conviction in the collapse of his fund that cost Wall Street banks more than US$10 billion (S$12.8 billion).
The former billionaire investor, who was sentenced to 18 years in prison
Archegos, a family office that once managed US$36 billion, collapsed in 2021
A jury in 2024 convicted Hwang on multiple criminal charges
The Justice Department’s Office of the Pardon Attorney makes recommendations to the President on pardon applications, which can take months or years to be processed, according to the agency.
A White House official did not comment on the clemency request, but said the President is the final decider on all pardons or commutations.
The Justice Department did not immediately respond to Reuters’ request for a comment.
Since returning to office in 2025, President Donald Trump has granted a flurry of pardons, many of which were for white-collar criminals and political allies. REUTERS
