This man turned $4 billion into $36 billion and lost it all in one week

His name is Bill Hwang
In 2012 his hedge fund pleaded guilty to insider trading and paid $44 million in fines
Banned from Hong Kong's markets for 4 years
Most people would disappear after that
Instead he opened a new fund called Archegos and started over
This time he used a loophole
Setting up the company as a "family office" so he didn't have to report anything to the public
He borrowed money from Goldman Sachs, Morgan Stanley, Credit Suisse, and Nomura and placed massive bets on a handful of stocks
None of them knew the others were also lending to him
At one point he controlled over 50% of ViacomCBS shares and nobody on Wall Street had any idea
He used $36 billion to control $160 billion worth of stocks
Then one stock dipped
They asked for their money back. He couldn't pay. So they started selling everything at once
$100 billion in market value vanished in days
Credit Suisse lost $5.5 billion from this one guy and it helped kill the entire bank
During the chaos a junior Archegos employee accidentally wired $500 million to Goldman Sachs instead of requesting it
Goldman kept it
His net worth went from $36 billion to $55 million
The largest losses a federal judge had ever seen in his entire career
18 years in prison
A guy who already got caught for fraud once did it again, 100 times bigger, and nobody stopped him until it was too late