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This is Bill Hwang.
He's a trader who cost his firm $44,000,000 in 2012.
Then, in 2021, he lost $20 billion in 10 days and led to the collapse of Credit Suisse.
Here's Bill's story:
In 2012, Hwang's hedge fund Tiger Asia Management pleaded guilty to insider trading charges related to Chinese bank stocks.
The firm paid a $44 million settlement and was forced to shut down.
Then, in 2013, Hwang launched Archegos Capital Management, a family office to manage his personal wealth of around $200 million.
Hwang built Archegos' portfolio to over $36 billion through excessive leverage and risky derivative trades by early 2021.
In late March 2021, Archegos defaulted on margin calls from several global banks after its concentrated bets on stocks like ViacomCBS and Baidu turned sour.
The banks were forced to liquidate Archegos' positions, causing a historic sell-off that erased over $20 billion from Hwang's personal fortune in just two days.
In April 2022, Hwang and his chief financial officer were arrested and charged with 11 criminal counts, including racketeering conspiracy, securities fraud, and wire fraud.
Federal prosecutors accused Hwang of using Archegos as an "instrument of market manipulation and fraud" by inflating its portfolio and misleading banks about its exposure.
The Archegos saga is considered one of the most spectacular failures in modern financial history, with Hwang's personal losses ranking among the greatest ever recorded.
Maybe if Bill used Python instead of Excel, he would have had better luck lol.
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