Archegos Founder Bill Hwang Gets 18 Years for Fraud, Market Manipulation

Nov 20, 2024, 08:18 PM

Bill Hwang, the founder of Archegos Capital Management, was sentenced to 18 years in prison for fraud, market manipulation, and racketeering conspiracy. This sentence follows the collapse of his $36 billion family office in 2021, which led to losses exceeding $10 billion for Wall Street banks. Hwang was found guilty on July 10 of orchestrating a massive market deception, defrauding banks, and manipulating stock prices. His actions resulted in significant financial losses for investors and banks, marking a dramatic fall from grace for the once billionaire investor. Prosecutors had recommended a 21-year sentence ahead of his sentencing next week.