Bill Hwang Forges Ties With a Power Broker Close to NYC’s Mayor

Bill Hwang has an unlikely ally as he tries to stay out of prison.

Frank Carone — a longtime adviser to New York City Mayor Eric Adams — has fashioned himself as a power broker straddling the worlds of city government and the businesses it regulates. Now, he has pulled himself into the orbit of Hwang — who was an unassuming financier before a $36 billion blowup led to the prospect of life behind bars.

Frank Carone

Photographer: Jared Siskin/Patrick McMullan/Getty Images

Carone, a key cog in the city’s Democratic machine, said he has been advising Hwang, and even encouraged him last year to overhaul his ...