The founder of Archegos Capital Management, a hedge fund, was sentenced to 18 years in prison on Wednesday for securities and market manipulation fraud in a scheme that prosecutors said cost global investment banks billions of dollars.
Bill Hwang was told the length of the prison term in Manhattan federal court after he told Judge Alvin K. Hellerstein that he felt “really terrible for what happened at Archegos,” alluding to the fund's demise over three years ago.
