Archegos Capital Administration founder Invoice Hwang, whose household workplace’s hovering portfolio briefly made him price greater than $30 billion, stated he now solely has round $55 million.
Hwang, who faces sentencing Wednesday in New York for fraud and market manipulation tied to Archegos’ spectacular 2021 collapse, estimated his present wealth in a Monday courtroom submitting. His attorneys are pushing again towards prosecutors’ request that Hwang be compelled to pay $10 billion to compensate his victims, on high of spending 21 years in jail.
The proposed restitution order is “unsupported, pointless and unjustified,” Hwang’s attorneys stated. In addition they recommended that it was pointless, saying Hwang’s web price is lower than 0.6% of the quantity sought by the federal government and contains plenty of collectively held property.
Hwang was convicted in July of deceptive Wall Avenue banks into serving to him inflate the worth of Archegos’ extremely concentrated portfolio to as excessive as $36 billion earlier than the bubble burst. Its counterparties misplaced some $10 billion, and the scandal was a significant factor within the later demise of Credit score Suisse Group AG.
Although the federal government is asking US District Choose Alvin Hellerstein to condemn Hwang to greater than 20 years behind bars, his attorneys are asking for no jail time in any respect.
In Monday’s submitting, Hwang’s attorneys made an identical argument towards restitution as they did towards jail. They stated prosecutors have not proven that the losses suffered by the banks had been instantly brought on by Hwang’s conduct.
The case is US v. Hwang, 22-cr-240, US District Courtroom, Southern District of New York (Manhattan).
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