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.

  • grue@lemmy.worldEnglish
    9·
    21 days ago

    Huh. I was 100% convinced this article was going to be about a ruling in a South Korean court or something like that. Seeing an American court hold a billionaire accountable for once was a bigger surprise than it ought to be.