Janice R. Andrews
Former UBS executive Bob Foresman has added his voice to a diverse group of supporters advocating for leniency in Bill Hwang’s upcoming sentencing. Hwang, who founded Archegos Capital Management, faces sentencing on November 20 following his conviction on multiple counts of fraud and market manipulation. Each count carries a potential 20-year sentence. Foresman, who held the position of Vice Chairman at UBS between 2016 and 2020, is among more than 100 individuals who have written to Judge Alvin Hellerstein on Hwang’s behalf.
A Paradoxical Defense from UBS
Foresman’s support is particularly noteworthy given that UBS was among several financial institutions that collectively lost over $10 billion in the Archegos collapse of 2021. Despite this connection, his letter, like many others, focuses on Hwang’s personal qualities and charitable works rather than his financial dealings.
Faith-Based Connection Trumps Financial Ties
In his testimony, Foresman emphasizes that his relationship with Hwang was built on shared Christian values rather than business interests. He portrays Hwang as exceptionally generous, noting his commitment to charitable giving. This characterization stands in sharp contrast to the prosecution’s depiction of Hwang as a calculating manipulator who misled banks to expand Archegos’ trading power, ultimately building a $36 billion portfolio that later crashed.
Former colleagues from Tiger Management, including Patrick Duff and Roberto Mignone, reinforce this positive portrayal. They describe Hwang as a patient investor guided by faith rather than greed.
Beyond the Boardroom: A Life of Modest Means
The support letters paint a picture of Hwang that differs markedly from typical Wall Street stereotypes. Through his Grace and Mercy Foundation, Hwang engaged in extensive charitable work, though this aspect of his character received limited attention during the trial due to prosecutorial constraints.
Reverend Dan Chun’s letter reveals that he was unaware of Hwang’s wealth until recently, citing Hwang’s preference for simple restaurants like Chick-fil-A over luxury establishments. Former NFL player Dhani Jones shares how Hwang’s wisdom influenced both his athletic and investment careers.
The Financial Aftermath
While supporters attempt to shift focus to Hwang’s character, the financial impact of Archegos’ collapse remains significant. The fallout contributed to Credit Suisse’s vulnerability, ultimately leading to its acquisition by UBS in 2023.
Supporters argue that Hwang’s actions stemmed from genuine investment conviction rather than fraudulent intent. Roberto Mignone of Bridger Management emphasizes Hwang’s commitment to ethical investing and long-term strategy.
Reconciling Faith and Finance
The case presents a complex portrait of a man whose religious devotion and charitable works stand in contrast to his aggressive financial practices. While Hwang accumulated significant wealth through controversial means, his defenders maintain that profit was secondary to his religious and philanthropic mission.
Awaiting Judgment
As Judge Hellerstein prepares to deliver his sentence, he must weigh the devastating financial consequences against the outpouring of support from prominent figures attesting to Hwang’s character. Prosecutors are expected to push for substantial prison time.
The case has broader implications, as Archegos’ CFO Patrick Halligan awaits his own sentencing in January for fraud and racketeering convictions. Meanwhile, Hwang’s supporters continue to emphasize his personal virtues and potential for redemption, seeking to counter the prosecution’s severe portrayal of his actions.
