The lawyers representing convicted hedge fund founder Bill Hwang are seeking a reduction of his 18-year prison sentence. They argue based on the age and health condition of the former Archegos chief.
Sung Kook «Bill» Hwang, the founder of Archegos Capital Management, has been sentenced to 18 years in prison. While he was convicted last summer of fraud and market manipulation in connection with the collapse of his $36 billion firm, the sentence was only recently handed down by the judge, according to «Bloomberg».
The prosecution had originally requested a 21-year prison term. Hwang’s defense team initially sought to avoid prison entirely and later proposed a sentence of four to five years.
«The scale of the losses caused by your conduct exceeds anything I have encountered in my time as a judge,» the presiding judge said when announcing the sentence.
Now, Hwang’s legal team is filing motions to have the sentence reduced, suggesting it be converted to house arrest after 11.5 years. They argue that such a measure is necessary for Hwang to serve his sentence in a low-security facility, considering his age and health.
60, Not 32 Years Old
Throughout the trial, comparisons were frequently drawn to the case of Sam Bankman-Fried, who was sentenced to 25 years for fraud involving billions of dollars. However, Hwang’s defense emphasized that their client is 60 years old, unlike Bankman-Fried, who is 32.
The judge has allowed both parties to submit further motions and has scheduled a hearing for December 18.
Hwang is expected to appeal the ruling.
