Bill Hwang Seeks Pardon for Fraud That Cost Banks $10 Billion

Archegos Capital Management founder Bill Hwang is seeking a presidential pardon for his conviction in a high-profile Wall Street fraud case over the collapse of his $36 billion family office, which scorched banks and helped topple Credit Suisse Group AG.

Hwang, who’s free on bail while appealing the verdict behind his 18-year sentence, submitted a pardon application to the Justice Department last year, according to a notice on the DOJ’s website. In 2024, a jury found him guilty of fraud and market manipulation after prosecutors accused him of deceiving lenders to ramp up stock bets that sent prices soaring — a scheme that spectacularly imploded in March 2021.