Bill Hwang

Not to be confused with Bill Huang, founder of CloudMinds.
Bill Hwang
Born
Sung Kook Hwang

1964 (age 59–60)
South Korea
EducationUniversity of California, Los Angeles (BA)
Carnegie Mellon University (MBA)
Occupation(s)Investor; trader
SpouseBecky Hwang
Children1 daughter
Korean name
Hangul
황성국
Revised RomanizationHwang Seongguk
McCune–ReischauerHwang Sŏngkuk

Sung Kook Hwang[1] (Korean: 황성국), also known as Bill Hwang,[2] is a Korean-born American investor and trader.[3][4] He ran Archegos Capital Management, whose default on March 26, 2021 caused major losses to several notable investment banks. In April 2021, The Wall Street Journal reported that Hwang had lost US$20 billion over 10 days in late March, imposing large losses on his bankers Nomura and Credit Suisse.[5] On April 27, 2022, he was indicted on federal charges of fraud and racketeering.[2] The default of Archegos contributed to the eventual collapse of Credit Suisse.[6] On July 10, 2024, a 12-person jury in a federal court in Manhattan found him guilty on 10 out of 11 counts of securities fraud, wire fraud, conspiracy, racketeering, and market manipulation.[7] His sentencing was scheduled for October 28, 2024.[8]

  1. ^ "Four Charged in Connection with Multibillion-Dollar Collapse of Archegos Capital Management". The United States Department of Justice. 27 April 2022. Retrieved March 17, 2023.
  2. ^ a b Ramey, Corinne; Pulliam, Susan; Chung, Juliet (27 April 2022). "Archegos Founder Bill Hwang and CFO Charged With Securities Fraud". The Wall Street Journal. Retrieved March 17, 2023.
  3. ^ Who Is Archegos Fund Manager Bill Hwang?
  4. ^ Chatterjee, Lawrence Delevingne, Matt Scuffham, Sumeet (2 April 2021). "Seduced by Archegos' growth, Nomura took a chance on Hwang comeback". Reuters. Retrieved March 17, 2023.{{cite news}}: CS1 maint: multiple names: authors list (link)
  5. ^ Zuckerman, Gregory; Chung, Juliet; Farrell, Maureen (April 1, 2021). "Inside Archegos's Epic Meltdown". The Wall Street Journal. Retrieved March 17, 2023.
  6. ^ "Why did Credit Suisse fail, and what does it mean for banking regulation?". Economics Observatory. Retrieved 2024-04-03.
  7. ^ Goldstein, Matthew (10 July 2024). "Jury Finds Archegos Founder Bill Hwang Guilty of Fraud and Racketeering". The New York Times.
  8. ^ da Silva, João (11 July 2024). "Archegos founder Bill Hwang convicted of fraud". BBC News.