The founder of Archegos Capital Management, a hedge fund, has been sentenced to 18 years in prison for securities and market manipulation fraud. The sentencing took place in Manhattan federal court where the judge imposed the prison term on the founder, Bill Hwang.
Hwang expressed remorse for the events that led to the demise of Archegos, acknowledging the impact of the scheme that prosecutors described as costing global investment banks billions of dollars. The judge estimated that up to nine financial institutions suffered losses exceeding $9 billion due to the fraud.
