“A significant sentence will be required to deter Hwang — a recidivist and unrepentant fraudster — and to signal to even the most hubristic investors that their grand schemes will be met with serious sentences,” prosecutors told the judge.
Archegos Capital Management founder Bill Hwang should serve 21 years behind bars for fraud and market manipulation that led to his firm’s massive 2021 collapse, prosecutors recommended ahead of his sentencing next week.
Hwang, 60, deserves a lengthy prison term because he led one of the largest securities fraud schemes in history and caused billions of dollars in losses, prosecutors said in a Friday filing to US District Judge Alvin Hellerstein, who will sentence the Archegos founder on Nov 20.
