United States District Judge Alvin Hellerstein remarked on the unprecedented financial damage caused by Hwang, stating, 'The amount of losses that were caused by your conduct are larger than any other losses I have dealt with.' This highlights the significant impact of Hwang's actions on Wall Street.
Prosecutor Andrew Thomas described the case as one that 'truly could be described as a national calamity,' emphasizing the far-reaching consequences of Hwang's market manipulation and fraud on the financial system.
Hwang's attorney argued against a lengthy prison sentence, insisting, 'The notion that he would commit a crime in the future, it's just not so,' suggesting that Hwang poses a low risk of reoffending.
In comparing cases, Hellerstein asked Hwang’s lawyer how he measured up to Sam Bankman-Fried, with Hwang's attorney asserting, 'Mr Bankman-Fried was literally stealing from his customers, I don't think that's what's happened here,' trying to differentiate the nature of their offenses.
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