“Sung Kook ‘Bill’ Hwang“
And then the jokes just write themselves from there.
Alongside his allegedly fraudulent funds, Hwang also ran the Grace and Mercy Foundation for his philanthropic efforts to ‘support the poor and oppressed’, and at the end of 2022 Bloomberg reported it had $528 million in assets.
Because Archegos was a family office instead of a full-fledged hedge fund, it was not subjected to the same levels of regulation and scrutiny as a hedge fund, which prosecutors said allowed Hwang to use return swaps.
Did he invest in a solar panel company that was heavily subsidized by the government?
https://www.sec.gov/news/press-release/2022-70
The SEC’s complaint alleges that, from at least March 2020 to March 2021, Hwang purchased on margin billions of dollars of total return swaps. These security-based swaps allow investors to take on huge positions in equity securities of companies by posting limited funds up front. As alleged, Hwang frequently entered into certain of these swaps without any economic purpose other than to artificially and dramatically drive up the prices of the various companies’ securities, which induced other investors to purchase those securities at inflated prices.
He should have worked for the pentagon, they lose billions every year and don’t have to answer for it.
If I lost $36 billion, I’d go back to all the places I had been and look again.