Bill Hwang, the founder of Archegos Capital Management (ACM), lost over $30 billion following the 2021 collapse of his family office.
The demise of the family office left Hwang's fortune at $55 million while facing serious legal issues, reported Yahoo Finance.
Currently, Hwang faces sentencing in the Southern District of New York for fraud and market manipulation related to ACM's stunning downfall, which the press referred to as a "house of cards."
The collapse caused significant losses for Wall Street banks that helped Hwang inflate the valuation of ACM's portfolio and contributed to the demise of Credit Suisse, prosecutors allege.
Prosecutors are seeking a $10 billion restitution payment from Hwang along with a 21-year prison sentence.
Hwang's lawyers argued that the restitution is excessive considering his newfound small wealth, and that he should face no prison time. His lawyers are also challenging the direct connection between his actions and the banks' losses.
ACM's former chief financial officer, Patrick Halligan was also charged for fraud and racketeering.
