Jury had convicted Hwang on criminal charges over Archegos collapse, which cost Wall Street more than $10bn

Summary

Former billionaire investor Bill Hwang was sentenced to 18 years in prison for the collapse of Archegos Capital Management, which caused over $10 billion in losses to Wall Street banks.

Convicted of wire fraud, securities fraud, and market manipulation, Hwang misled banks to secure massive loans, amassing $160 billion in stock exposure before Archegos’s collapse in 2021.

The implosion wiped out $100 billion in stock value and severely impacted banks like Credit Suisse.

Despite his philanthropy, the court rejected his plea for leniency, citing the scale of financial harm.

    • alcoholicorn@lemmy.ml
      1·
      1 month ago

      Russia punishes billionaires that cause problems for other Russian billionaires. Punishing a few of the billionaires who were stripping the copper from the walls is why Putin became so popular.