Reported about 24 hours ago
Bill Hwang, the founder of Archegos Capital Management, is set to be sentenced for massive financial fraud that resulted in over $10 billion in losses for Wall Street banks. Convicted on multiple counts including wire fraud and market manipulation, prosecutors are pushing for a 21-year prison term and substantial financial forfeitures. Hwang's downfall began in March 2021 when he failed to meet margin calls as stock prices plummeted, leading to devastating losses in his investment strategy.
Source: YAHOO