Bill Hwang's $36 Billion Downfall: Unrepentant Schemes and a Potential 21-Year Sentence

Bill Hwang, founder of Archegos Capital, faces a proposed 21-year sentence for market manipulation that bankrupted his $36 billion firm and harmed lenders by $10 billion. Convicted of multiple charges, Hwang's prosecution forms part of efforts to send a stern message against financial crimes.

Bill Hwang, the mastermind behind Archegos Capital Management, is facing a possible 21-year prison sentence for orchestrating a market manipulation scheme. The collapse of his $36 billion firm resulted in significant losses for lenders, exceeding $10 billion.

In a court filing, federal prosecutors from Manhattan called for substantial forfeiture and restitution due to Hwang's actions, labeling him an 'unrepentant recidivist.' His 2012 conviction for wire fraud with Tiger Asia Management was mentioned as well.

Hwang's sentence, relatively lengthy for white-collar crime, aims to deter similar financial misconduct. While Hwang's lawyers cite his age and health issues, his hefty exposure in media and tech stocks through deceptive practices ultimately led to Archegos' downfall.

(With inputs from agencies.)