Legal
Ex-UBS Vice Chair Joins Leniency Calls for Archegos’ Bill Hwang
- Hwang faces Nov. 20 sentencing for fraud, market manipulation
- Bob Foresman, other Wall Street figures stress shared faith
Bill Hwang, center, exits federal court in New York in July.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
A former UBS Group AG vice chair joined other Wall Street figures, clergy and an ex-NFL linebacker in backing leniency for Archegos Capital Management founder Bill Hwang, who faces sentencing next week for fraud and market manipulation.
Bob Foresman, a senior investment banker at UBS from 2016 to 2020, wrote one of more than 100 letters Hwang’s lawyers submitted Friday to back up their recommendation that he be given no prison time when he’s sentenced Nov. 20 by US District Judge Alvin Hellerstein in Manhattan. Hwang faces a maximum of 20 years for each of the 10 counts on which he was convicted.