Bill Hwang Seeks Presidential Pardon Following Archegos Capital Collapse

Bill Hwang, the founder of Archegos Capital Management, is pursuing a presidential pardon for his conviction related to the collapse of his $36 billion family office, which resulted in over $10 billion in losses for major Wall Street banks, including Credit Suisse Group AG. Hwang was sentenced to 18 years in prison in 2024 after being found guilty of multiple charges, including wire fraud and market manipulation. His conviction stemmed from allegations that he misled lenders about the financial health of Archegos to secure substantial loans for risky stock investments.

Archegos' Bill Hwang requests pardon for massive fraud that cost banks $10 billion

The downfall of Archegos occurred in March 2021 when Hwang failed to meet margin calls on loans used to finance large bets on media and technology stocks. Prosecutors argued that Hwang directed his staff to misrepresent the firm’s portfolio, claiming significant holdings in well-known companies like Apple Inc. and Microsoft Corp., while the reality was a concentrated investment in less liquid stocks, particularly ViacomCBS. This misrepresentation led to a series of margin calls that ultimately caused significant financial damage to several banks.

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

Hwang submitted his pardon application to the U.S. Justice Department in 2025, following the standard process for clemency requests. The Justice Department typically advises applicants to wait five years after their sentence before seeking a pardon, but President Donald Trump has previously granted pardons before sentences were served. Hwang's legal team, now led by appeals specialist Alexandra Shapiro, is navigating the complexities of the pardon process, which can take months or years to resolve.

Archegos' Bill Hwang requests pardon for massive fraud that cost banks $10 billion

A White House official confirmed that the President has the final authority over all pardons and commutations but did not comment specifically on Hwang's case. The Justice Department has also refrained from making public statements regarding the application. Critics of Trump’s pardon practices argue that he undermines the integrity of the Justice Department by granting clemency to individuals with political connections or financial resources.

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

Critics of Hwang's pardon request highlight the potential implications of granting clemency to individuals involved in significant financial misconduct. They argue that such actions could set a precedent that undermines accountability for white-collar crimes. Furthermore, Trump's history of pardoning individuals connected to political allies raises concerns about fairness in the clemency process.

Archegos' Bill Hwang requests pardon for massive fraud that cost banks $10 billion

While Hwang's application for a pardon is confirmed, details regarding the specific individuals or organizations advocating on his behalf remain unclear. Additionally, the timeline for the Justice Department's review of his application is uncertain, as the agency typically waits for appeals to conclude before acting on pardon requests.

Archegos' Bill Hwang requests pardon for massive fraud that cost banks $10 billion

• “The collapse of Archegos reduced Hwang’s personal wealth to a small fraction of the billions of dollars he once commanded.” — Bloomberg News

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

• “But Trump has sometimes intervened much earlier, granting relief before sentences are served or even start.” — Bloomberg News

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

Hwang's case continues to unfold as he seeks to overturn his conviction and regain his standing in the financial world.

Archegos’ Bill Hwang seeks Trump pardon for fraud that cost banks US$10 billion