Federal prosecutors found Bill Hwang guilty of securities and market manipulation fraud, resulting in $100 billion market loss by artificially inflating stock values and lying to banks for investments.
Hwang's lawyer claimed he was an honest investor who believed in the stocks he invested in, while prosecutors portrayed him as wanting to be a Wall Street legend through deceptive trade practices.
Hwang's investment firm grew to $160 billion from $10 billion on borrowed money, controlling over 50% of shares in companies like ViacomCBS secretly and suspiciously, as per prosecutors.
Despite the defense argument that Hwang was innocent and simply believed in his stock bets, the jury convicted him of 6 criminal counts related to market manipulation and securities fraud.
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