Financial Drama Surrounding Bill Hwang: From Billionaire to Millionaire

Bill Hwang, the founder of Archegos Capital Management, is facing a dramatic turning point in his financial career. Hwang, whose family office once managed an astonishing portfolio that temporarily granted him an impressive value of more than $30 billion, stated in a recent court filing that his current assets amount to only about $55 million. Ahead of the impending sentencing in New York on Wednesday, where Hwang is charged with fraud and market manipulation in connection with the spectacular collapse of Archegos in 2021, his lawyers have objected to the prosecution's demand. They insist that Hwang be required to pay $10 billion to compensate his victims, in addition to a 21-year prison sentence.