Archegos Founder Bill Hwang Faces Up To 380 Years In Prison
NDTV
A year after the collapse of Archegos sent shock waves through global finance, Bill Hwang was arrested Wednesday morning and, for the first time, federal prosecutors offered an official account of what really happened at the secretive family office.
"Are we going to be able to pay for these trades today? I don't see how we can."
The deputy's words, now immortalized in a federal indictment, said it all: Inside Bill Hwang's Archegos Capital Management, panic was setting in. Hwang, the enigmatic billionaire behind Archegos, had amassed one of the world's great fortunes in virtual secrecy, and that trove -- a staggering $160 billion position in stocks -- was unraveling everywhere, all at once.
That was March 23, 2021 -- and Wall Street had no idea what was about to go down.
A year after the collapse of Archegos sent shock waves through global finance, Hwang was arrested Wednesday morning and, for the first time, federal prosecutors offered an official account of what really happened at the secretive family office.
