Bill Hwang Fights Prison Time After Hastening Credit Suisse Collapse – Bloomberg

“Money Failed!” the slide flashed.

Those words from the Bible, in Genesis 47, don’t even begin to capture the wild arc the enigmatic financier has traced, or what is about to happen next.

In near total secrecy, Hwang amassed a fortune that briefly eclipsed $36 billion, only to see it wiped out very publicly. In the end, the Archegos flameout inflicted billions of dollars in losses at banks that did business with him—even hastening the death of Credit Suisse.

On May 8, the man born Sung Kook Hwang is due to appear at the federal courthouse in Lower Manhattan in what promises to be one of the most closely watched Wall Street trials in recent memory.

The Justice Department has accused the son of a Korean pastor of lying to some of the world’s most powerful banks as they plied him with financing to make wagers that sent stocks soaring and crashing. Raising the stakes, federal prosecutors are even invoking racketeering laws famously used to take down mob bosses. These could put Hwang away for 20 years. He has pleaded not guilty.

Source: Bill Hwang Fights Prison Time After Hastening Credit Suisse Collapse – Bloomberg