In a late-night filing, prosecutors from the U.S. Attorney’s Office in Manhattan also asked that Hwang face forfeiture of $12.35 billion and pay restitution to victims at his scheduled sentencing on Wednesday.

Prosecutors called Hwang an “independent recidivist” who appears to have “judged himself harmless.”

They cited a 2012 guilty plea to defrauding Hwang’s former hedge fund Tiger Asia Management, and a Nov. 8 request by Hwang’s lawyers that their 60-year-old client spend no time in prison for his activities at Archegos.

“Bill Hwang used his personal hedge fund to commit a fraud that changed the U.S. stock market and visited billions of dollars in losses on his trading counterparts,” prosecutors said. “He continued that fraud even after he was previously ordered not to commit securities fraud. And even now he has no remorse.”

A significant sentence, prosecutors added, would “signal to even the most hubristic investors that their grand schemes will be met with serious penalties”.