By Micah Jonah
January 22, 2026
Bill Hwang, founder of the now defunct Archegos Capital Management, has formally applied for a presidential pardon following his conviction over the collapse of his investment firm that caused losses of more than 10 billion dollars to major Wall Street banks.
According to records from the United States Department of Justice, Hwang submitted his pardon application last year after receiving an 18 year prison sentence in 2024 for multiple financial crimes linked to the 2021 market crash involving his fund.
Archegos, a private family office that once managed about 36 billion dollars in assets, collapsed after Hwang failed to meet margin calls on massive stock positions funded with borrowed money from several banks. The investments were largely concentrated in media and technology companies.
Prosecutors said Hwang misled banks about the size, risk level of his holdings in order to secure more credit, expand his trading positions. A jury later found him guilty of wire fraud, securities fraud and market manipulation.
The Office of the Pardon Attorney, which reviews all clemency requests and advises the President, confirmed that the process can take months or even years before a final decision is reached.
While the White House has not commented directly on Hwang’s request, officials noted that only the President has the authority to grant pardons or reduce sentences.
Since returning to office, President Donald Trump has approved several pardons, many involving financial crimes and political allies, a trend that has continued to attract public debate.
The Justice Department has not issued further comments on Hwang’s application as legal procedures continue.
