Bill Hwang, the founder of Archegos Capital Management, has applied for a presidential pardon following his conviction related to the collapse of his fund. The implosion of Archegos in 2021 resulted in losses exceeding $10 billion for Wall Street banks. Hwang, who was sentenced to 18 years in prison in 2024, submitted his application to the U.S. Justice Department last year after completion of sentence, according to the agency’s website.
Archegos Capital Management was a family office that at one time managed $36 billion. The firm collapsed after Hwang failed to meet margin calls on bank loans used to make substantial investments in media and technology stocks. In 2024, a jury found Hwang guilty on multiple criminal charges, including wire fraud, securities fraud, and market manipulation. Prosecutors successfully argued that he had misled banks regarding Archegos’ portfolio to aggressively borrow funds.
The Justice Department’s Office of the Pardon Attorney is responsible for providing recommendations to the President regarding pardon applications. The review and processing of these applications can extend over months or even years. While a White House official declined to comment specifically on Hwang’s clemency request, they affirmed that the President holds the ultimate authority in deciding on all pardon and commutation matters.
Requests for comment from the Justice Department went unanswered. President Donald Trump issued a number of pardons during his time in office, including several for white-collar criminals and individuals with political connections.
