Bill Hwang’s Bid to Reduce 18-Year Prison Term Is Rejected

Bloomberg12-20 06:09

(Bloomberg) -- A federal judge confirmed an 18-year prison sentence for Archegos Capital Management founder Bill Hwang, rejecting arguments that he should be allowed to spend a third of that time in ...

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They also claim Hwang is already likely to be transferred to a US Bureau of Prisons minimum-security “camp” after roughly four years and will probably be released to a halfway house after 10. Shortening his prison time would be unfair to others convicted of similar crimes, prosecutors said.“It would send precisely the wrong message if wealthy, Wall-Street stock manipulators like Hwang were permitted a lower sentence in orde","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4581":"高盛持仓","N33.SI":"Nomura Yen1k","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","BK4127":"投资银行业与经纪业","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1548497426.USD":"安联环球人工智能AT Acc","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4585":"ETF&股票定投概念","MS":"摩根士丹利","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0106831901.USD":"贝莱德世界金融基金A2","BK4588":"碎股","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","NMR":"野村控股","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0971096721.USD":"富达环球金融服务 A","BK4504":"桥水持仓","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","BK4516":"特朗普概念","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4552":"Archegos爆仓风波概念"},"translate_title":"Bill Hwang减刑18年的提议被拒绝","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NMR":0.9,"N33.SI":0.9,"MS":0.9},"content_text":"(Bloomberg) -- A federal judge confirmed an 18-year prison sentence for Archegos Capital Management founder Bill Hwang, rejecting arguments that he should be allowed to spend a third of that time in the comfort of his own home.\nAt a hearing Thursday in New York, US District Judge Alvin Hellerstein said Hwang’s request to adjust his sentence to 11 1/2 years in prison, followed by 6 1/2 years in home confinement was ultimately impractical.\nHellerstein sentenced Hwang, 60, on Nov. 20 but expressed openness to reconsidering that the following day. Hwang’s lawyer had argued that a change was warranted due to his client’s health and because any longer prison term must be served in a higher-security facility that also holds violent offenders.\nBut Hellerstein said Thursday that Hwang “will be treated as I treat all other defendants, many of whom have health problems.” \nHellerstein’s willingness to reconsider Hwang’s sentence was a surprise final twist in a trial that’s captivated Wall Street. Hwang was found guilty in July of orchestrating a scheme to defraud bank counterparties into providing Archegos with billions of dollars in trading capacity that it used to inflate the value of its holdings until it imploded in March 2021. The banks lost some $10 billion trading with Archegos.\nIn addition to the prison time, Hellerstein ordered Hwang to pay more than $9 billion in restitution to seven banks and a group of former Archegos employees who are owed unpaid salary and bonuses. The banks with the biggest losses were Credit Suisse Group AG ($4.9 billion), Nomura Holdings Inc. ($2.6 billion) and Morgan Stanley ($740.4 million), according to prosecutors. Five employees claimed losses of $10 million. \nIt’s unlikely Hwang will ever pay anything like that amount, as his current net worth is only around $55 million.\nFederal prosecutors had argued that dividing Hwang’s sentence so he can to spend 6 1/2 years in home confinement isn’t permitted under the law. They also claim Hwang is already likely to be transferred to a US Bureau of Prisons minimum-security “camp” after roughly four years and will probably be released to a halfway house after 10. Shortening his prison time would be unfair to others convicted of similar crimes, prosecutors said.\n“It would send precisely the wrong message if wealthy, Wall-Street stock manipulators like Hwang were permitted a lower sentence in order to avoid the BOP classification system that is applied equally to all inmates,” prosecutors said.\nHwang won’t see the inside of a prison anytime soon. Hellerstein has allowed him to remain free pending the expected appeal that could take a year or more.\nThe case is US v. Hwang, 22-cr-240, US District Court, Southern District of New York (Manhattan).\n(Updates with restitution order in sixth paragraph.)\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492438839"}