The sentence is here, the sentence is here, the sentence is here!! The biggest single-day loss in history, the protagonist of the "big warehouse explosion of the century" may be sentenced to 21 years in prison!

You have seen too many masters of eternal profit in the square. Today, Lao Jiu will show you the protagonist of the big warehouse explosion of the century!

Bill Hwang (Korean), 60, was sentenced to a long prison term because he led one of the largest securities fraud schemes in history, causing billions of dollars in losses.

He worked as a stock analyst in the Tiger Fund founded by Julian Robertson.

In 2001, Bill Hwang established Tiger Asia Fund. In 2012, it was investigated by the US Securities and Exchange Commission (SEC) for insider trading. At the same time, the Hong Kong Securities and Futures Commission (SFC) also ordered it to be banned from trading in the Hong Kong market.

Bill Hwang returned external funds to fund investors in 2013 and transformed Tiger Asia Fund into a family office Archegos. It is reported that the net assets of Archegos managed by Bill Hwang are about 15 billion US dollars, which is 5 times-6 times higher than that of Archegos. After the leverage, the total investment scale exceeded 100 billion US dollars.

In 2021, the Archegos (Bill Hwang) liquidation incident caused an uproar throughout Wall Street and attracted regulatory scrutiny on three continents in the United States;

Since March 2021, Archegos has been forced to sell a large number of Chinese stocks in its holdings, including Baidu, Tencent Music and Vipshop, due to the use of a large number of highly leveraged derivatives to avoid reporting obligations and unfavorable market conditions. Not only did Archegos lose $10 billion in this forced liquidation, but the market value of the stocks sold also evaporated by $33 billion.

Trading with Archegos The investment banks also suffered heavy losses. JPMorgan Chase released a report saying that the total losses of the six investment banks involved, including Goldman Sachs, Morgan Stanley, Wells Fargo, UBS, Credit Suisse and Nomura Securities, reached US$5 billion to US$10 billion.

The incident caused global banks to lose up to US$10 billion, including US$5.5 billion for Credit Suisse (now UBS Group) and US$2.9 billion for Nomura Holdings, and caused shareholders losses of more than US$100 billion.

The incident was called "the largest single-day loss in history" and "the biggest blow-up of the century" by some media.