Wall Street's Fallen Titans: The Scandals That Shook the Financial World

Prominent Wall Street figures, including Bill Hwang, Bernie Madoff, Sam Bankman-Fried, Jordan Belfort, Ivan Boesky, Michael Milken, and Raj Rajaratnam, have faced convictions for various financial crimes. These cases highlight the severe penalties for fraud, from hefty prison sentences to significant fines, shaking public trust in the financial industry.

Archegos Capital Management founder Sung Kook "Bill" Hwang was convicted of fraud and other charges on Wednesday at a criminal trial in New York following the 2021 collapse of his $36 billion private investment firm. Each charge against Hwang, who had pleaded not guilty, carries a potential penalty of 20 years in prison. He will be sentenced at a later date.

Prominent Wall Street figures who have been sentenced to prison include Bernard Madoff, who orchestrated the largest-known Ponzi scheme in history, defrauding investors of up to $64.8 billion. Madoff died in prison in 2021 while serving a 150-year sentence.

FTX founder Sam Bankman-Fried was sentenced in March to 25 years for embezzling $8 billion from his cryptocurrency exchange's customers. Despite his not-guilty plea, Bankman-Fried's conviction stands after an unsuccessful appeal.

Jordan Belfort, known for his hedonistic lifestyle, served nearly two years for securities fraud and money laundering, later becoming a motivational speaker. Ivan Boesky, who inspired the character Gordon Gekko in the film "Wall Street," spent two years in prison for insider trading.

Michael Milken, dubbed the king of junk bonds, was sentenced to 10 years for securities violations but served less than two. Milken later founded a non-profit and survived advanced prostate cancer. Raj Rajaratnam of Galleon Group was convicted of securities fraud, served eight years, and maintains his innocence.

(With inputs from agencies.)