Today, Reuters reports Bill Hwang was sentenced to 18 years in prison.
Grizzly Research was the first to call out GSX/GOTU‘s fraud as early as February 2020, only to see the stock skyrocket despite mounting evidence against the company. Ultimately, it turned out that Bill Hwang and Archegos defrauded banks to manipulate the stock. Archegos and GSX collapsed. Bill Hwang’s sentence to prison is the final chapter for us.
Reuters summarizes:
Collapse of Hwang’s fund cost banks $10 billion
Hwang convicted in July; prosecutors sought 21-year sentence
Defense urged no jail time, cited low risk of re-offending
Sentencing hearing expected to continue on Thursday
InstitutionalInvester.com reported in June 2024 that the manipulation of GSX Techedu’s stock price played a centrol role in the trial.
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