ARCHEGOS Capital Management founder Bill Hwang’s sentencing on fraud charges was postponed from the end of the month to Nov 20.
Hwang and former Archegos chief financial officer Patrick Halligan were originally scheduled to be sentenced by US District Judge Alvin Hellerstein on Oct 28, but their lawyers asked for more time to prepare submissions.
Prosecutors didn’t oppose the request. Defence lawyers originally asked for sentencing to be moved to the first week of December. Hellerstein on Tuesday set Nov 20 as the date for Hwang and Nov 26 for Halligan.
The pair were convicted in July following a two-month long trial in New York of orchestrating a scheme to inflate the value of Archegos’ portfolio by misleading Wall Street banks into buying swaps on certain stocks.
The firm’s stunning 2021 implosion ultimately cost its banks some US$10 billion and contributed to the demise of its biggest counterparty, Credit Suisse AG.
Hellerstein on Tuesday also allowed five Archegos victims who are seeking restitution — Credit Suisse, Jefferies Financial Group, UBS Group AG, Mitsubishi UFJ Financial Group Inc. and former Archegos employee Cindy Huang — to file sentencing submissions under seal. Prosecutors had said submissions contained “sensitive victim information.”
Both men face maximum prison terms of 20 years on each of the counts against them. BLOOMBERG
