The founder of fund management firm Archegos may spend the rest of his life behind bars after his speculative bets cost global investment banks $10 billion in combined losses three years ago.
A federal jury in Manhattan found 60 year-old Sung Kook “Bill” Hwang guilty on multiple counts of fraud for lying to lenders over billion dollar wagers on stocks including streaming service provider ViacomCBS. Hwang lost it all in March 2021 after the forerunner of Paramount shocked markets with a surprise share sale which brought down his house of cards.
