99
submitted 12 hours ago by MicroWave@lemmy.world to c/news@lemmy.world

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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[-] grue@lemmy.world 8 points 8 hours 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.

[-] phdepressed@sh.itjust.works 3 points 7 hours ago

Probably because he isn't white.

[-] Pissman2020@lemmy.world 60 points 12 hours ago

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

[-] Hugin@lemmy.world 11 points 9 hours ago

Also when no longer a billionaire.

[-] ThirdWorldOrder@lemm.ee 5 points 9 hours ago

Practically homeless with only 55.3 mil left.

[-] Hugin@lemmy.world 3 points 9 hours ago

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

[-] whithom@discuss.online 7 points 12 hours ago

He’ll be on parole in six months

[-] lolrightythen@lemmy.world 4 points 10 hours ago

Unless you're in russia

[-] peopleproblems@lemmy.world 4 points 7 hours 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.

this post was submitted on 20 Nov 2024
99 points (100.0% liked)

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