More Archegos Employees to Join Banks Seeking Money From Hwang

More former Archegos Capital Management employees want to seek lost salaries and bonuses from ex-boss Bill Hwang, who is being ordered to pay financial restitution after he was sentenced to 18 years in prison for fraud and market manipulation.

“Multiple former Archegos employees” are seeking to join five who’ve already been awarded $10 million, Manhattan federal prosecutors said in a Wednesday court filing. The judge has given those five priority over banks to which Hwang owes $9.4 billion.

“The impact of their losses is more direct” than the banks, US District Judge Alvin Hellerstein said at a hearing last ...