Legal
Archegos CFO Gets Eight Years in Prison for Defrauding Banks
- Patrick Halligan gets much less time than ex-boss Bill Hwang
- Halligan played a key role in misleading banks about Archegos
Patrick Halligan exits federal court in New York on July 10, 2024.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
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.