this post was submitted on 20 Nov 2024
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News

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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.

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[–] Pissman2020@lemmy.world 67 points 2 days ago (3 children)

So billionaires can get punished seriously... when they cause problems for other billionaires

[–] Hugin@lemmy.world 15 points 2 days ago (1 children)

Also when no longer a billionaire.

[–] ThirdWorldOrder@lemm.ee 6 points 2 days ago (1 children)

Practically homeless with only 55.3 mil left.

[–] Hugin@lemmy.world 3 points 2 days ago

Sure but millionaires are just people. You can put them in jail.

[–] whithom@discuss.online 7 points 2 days ago

He’ll be on parole in six months

[–] lolrightythen@lemmy.world 4 points 2 days ago

Unless you're in russia

[–] grue@lemmy.world 9 points 2 days ago (1 children)

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.

[–] phdepressed@sh.itjust.works 3 points 2 days ago

Probably because he isn't white.

[–] peopleproblems@lemmy.world 5 points 2 days ago

Wow. This guy huh?

I can't remember how, but Archeagos was supposed to be connected to the short squeeze and fall of GME in 2021.

Credit Suisse folded into Bank of Switzerland.

$160b? I have a feeling he didn't play by whatever rules billionaires actually play by.