Bill Hwang

What the public record shows

Bill Hwang, founder of the family office Archegos Capital Management, was convicted in July 2024 — after a nine-week jury trial — of racketeering conspiracy, securities fraud, market manipulation, and wire fraud. In November 2024, Judge Alvin K. Hellerstein sentenced him to 18 years in prison, three years of supervised release, and more than $9 billion in restitution.

The scheme

According to the Department of Justice:

• Hwang used enormous derivative positions (total return swaps) spread across banks to secretly manipulate the prices of multiple stocks, fraudulently inflating a $1.5 billion portfolio into a $36 billion one.
• He and his CFO deceived at least nine investment banks about Archegos’s concentration and exposure to obtain billions in financing.
• In March 2021 the positions collapsed under margin calls, inflicting billions of dollars in losses on banks including Credit Suisse, Morgan Stanley, and Nomura — and contributing to Credit Suisse’s downfall.

Why we rate this 1 / 10 — Avoid

A racketeering and fraud conviction with one of the largest restitution orders ever imposed on an individual. Archegos is the definitive modern lesson in hidden leverage: the risk that matters most is the risk nobody can see.

Verify it yourself

• DOJ press releases — linked in Sources.
• PACER — United States v. Hwang, S.D.N.Y.

Bottom line

Convicted and serving 18 years. Concentration plus secrecy plus leverage has one historical outcome — the only variable is when.

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