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Bill Hwang, the founder of Archegos Capital Management, is facing sentencing for fraud and market manipulation that led to the dramatic collapse of his $36 billion firm in 2021. Prosecutors are seeking over 20 years in prison and $10 billion in restitution, while Hwang's defense argues for no prison time, noting his current worth is approximately $55 million. The case highlighted Hwang's deceptive tactics that misled banks to provide substantial trading capacity, ultimately resulting in significant financial losses for major institutions like Credit Suisse and Morgan Stanley.
Source: YAHOO