Hwang's defense was expected to argue he wasn't responsible for the banks' losses and didn't engage in market manipulation, since none of the trades involved out-and-out deception. But Becker soon dropped a bombshell in court, testifying that he was told to lie so Hwang could carry on trading. And after losing his multibillion-dollar fortune, the disgraced trader has now lost his freedom as well...

On 10 July 2024, Hwang was found guilty of 10 of the 11 charges against him, each of which carries a maximum penalty of 20 years imprisonment. (Halligan, meanwhile, was found guilty of wire fraud, conspiracy, and securities fraud). He has now been sentenced to 18 years in prison.

It could have been even worse, though: Hwang's potential sentence could have stretched to 200 years, meaning he would have spent the rest of his extraordinary life behind bars.

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