Bill Hwang, the founder of Archegos Capital Management, is seeking a presidential pardon after his conviction in a Wall Street fraud case. The case stems from the collapse of his $US36 billion family office, an event that had significant repercussions for several major banks, including Credit Suisse Group. Hwang, currently free on bail while appealing his 18-year sentence, submitted his pardon application to the Justice Department last year, as indicated by a notice on the DOJ’s website.
In 2024, Hwang was found guilty by a jury on charges of fraud and market manipulation. Prosecutors successfully argued that he deceived lenders to artificially inflate stock prices through aggressive investment strategies. Archegos Capital Management is a family office that managed billions of dollars. Its investment strategies involved taking large positions in a concentrated number of stocks.
Hwang’s petition is proceeding through the Justice Department’s established process for considering clemency requests, a system that President Donald Trump frequently bypassed during his term. Reportedly, some lawyers charge up to $US1 million to prepare cases and present them to the White House for consideration. The notice regarding Hwang’s petition does not specify who filed it, and it remains unclear whether any outreach has been made to the White House on his behalf.
A White House official declined to comment on Hwang’s specific case but affirmed that the president holds the ultimate authority in decisions regarding pardons and commutations. The Justice Department also declined to comment, and a lawyer representing Hwang’s appeal did not respond to requests for information.
