Bill Hwang Faces Potential Life Sentence After Archegos Fraud Conviction

Hwang and his CFO were found guilty on multiple fraud counts, contributing to significant financial losses and the collapse of Credit Suisse.

Bill Hwang's Archegos Capital collapsed in 2021, losing $20 billion in two days and wiping out $100 billion in equity value.
Hwang and CFO Patrick Halligan were convicted of defrauding banks and manipulating stock prices, with sentencing set for October 28.
Credit Suisse and other banks suffered $10 billion in losses due to Hwang's deceptive practices and highly leveraged bets.
The case highlighted the risks of Total Return Swaps and the lack of transparency in Archegos' trading activities.
Hwang had a history of legal issues, including a 2012 guilty plea for insider trading in Hong Kong.