Archegos CFO Gets Eight Years in Prison for Defrauding Banks (1)

Former Archegos Capital Management CFO Patrick Halligan was sentenced to eight years in prison for defrauding banks ahead of and during the 2021 collapse of Bill Hwang’s $36 billion family office.

Halligan’s sentence Monday was considerably lower than the 18 years Hwang received in November. Though both men were convicted last July of misleading banks into providing Archegos with billions of dollars in trading capacity, Hwang was also found guilty of market manipulation.

US District Judge Alvin Hellerstein said Halligan, 48, deserved a lower a sentence than Hwang, whom he called the “dynamic force of Archegos.” The chief financial ...