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Stock impact report

Archegos' Hwang Faces Sentence for Crimes That Shook Wall Street [Yahoo! Finance Canada]

Nomura Holdings Inc ADR American Depositary Shares (NMR) 
US:NYSE Investor Relations: nomuraholdings.com/investor
Most Read from Bloomberg Prosecutors have recommended that Hwang, 60, spend more than two decades behind bars, while his lawyers have asked that he be given no prison time at all. The government also wants Hwang to pay $10 billion in restitution, though his lawyers said Monday that he is now worth only around $55 million. US District Judge Alvin Hellerstein will hand down the sentence after a hearing at which both sides, and possibly Hwang himself, will speak. The case pushed into the spotlight a relatively unknown trader who seemingly built a wildly successful firm, only to see it crash in spectacular fashion. Archegos' implosion also contributed to the demise of one of the biggest names in finance, Credit Suisse Group AG, and caused significant losses at Morgan Stanley, UBS Group AG, Nomura Holdings and other banks. Hwang was found guilty in July of orchestrating a scheme to mislead his counterparties into providing Archegos with billions of dollars in trading capacity. Tho Show less Read more
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