Once Worth $30 Billion, Hwang Says He’s Just a Millionaire Now

Archegos Capital Management founder Bill Hwang, whose family office’s soaring portfolio briefly made him worth more than $30 billion, said he now only has around $55 million.

Hwang, who faces sentencing Wednesday in New York for fraud and market manipulation tied to Archegos’ spectacular 2021 collapse, estimated his current wealth in a Monday court filing. His lawyers are pushing back against prosecutors’ request that Hwang be forced to pay $10 billion to compensate his victims, on top of spending 21 years in prison.

Bill Hwang

Photographer: Jeenah Moon/Bloomberg

The proposed restitution order is “unsupported, unnecessary and unjustified,” Hwang’s lawyers said. They also suggested ...