Sung Kook “Bill” Hwang was sentenced to 18 years in prison over the implosion of Archegos Capital Management, which cost Wall Street banks billions.
Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison over the collapse of Archegos Capital Management, which cost Wall Street banks more than $US10 billion .
The US Attorney’s office in Manhattan sought a 21-year prison term for Hwang - unusually long for a white-collar case - and for him to forfeit $US12.35 billion and make restitution to victims. Hwang had asked for no prison, forfeiture or restitution, and to remain free on bail while he appealed his conviction. James said his low risk of committing more crimes meant a lengthy prison term served no purpose.“The notion that he would commit a crime in the future, it’s just not so,” James said.Several banks suffered losses, including Credit Suisse, which lost $US5.5 billion.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘National calamity’: Former billionaire sent to jail over collapse that rocked Wall StreetSung Kook “Bill” Hwang was sentenced to 18 years in prison over the implosion of Archegos Capital Management, which cost Wall Street banks billions.
Read more »
‘National calamity’: Former billionaire sent to jail over collapse that rocked Wall StreetSung Kook “Bill” Hwang was sentenced to 18 years in prison over the implosion of Archegos Capital Management, which cost Wall Street banks billions.
Read more »
Market set to fall after record run on Wall Street, live updates through the day.Our market is set to fall after a mixed lead from the US overnight. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
Read more »
ASX 200 LIVE: Shares to fall as Wall Street cools off from record highsShares poised to decline as New York retreats; oil rises; Apollo’s Slok sees rising chance Fed will hold rates in November. Follow here for more.
Read more »
Market falls sharply after record run on Wall Street, live updates through the day.Our market has fallen sharply in early trade after a mixed lead from the US overnight. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
Read more »
ASX set to steady as Wall Street grinds higherThe Australian sharemarket is set to edge higher at the open, a day after sharp losses.
Read more »