Former Archegos CFO Sentenced to Eight Years in Prison
Patrick Halligan, the former chief financial officer of Archegos Capital Management, has been sentenced to eight years in prison for his role in the firm's 2021 collapse that resulted in billions of dollars in losses for Wall Street banks.
Halligan was convicted last July on charges of securities fraud, wire fraud, and racketeering conspiracy. His former boss, Archegos founder Bill Hwang, was also convicted in the same trial and sentenced to 18 years in prison.
Prosecutors alleged that Halligan played a key role in helping Hwang obtain loans and build up trading capacity, which ultimately led to the collapse of Archegos.
Halligan is expected to remain free on bail while he appeals his conviction and sentence.