Financial statements and legal settlements of the affected banks

Bill Hwang Sentenced to 18 Years for Fraud in Archegos Collapse Costing Banks $10 Billion

Nov 20, 2024, 08:10 PM

Sung Kook 'Bill' Hwang, founder of Archegos Capital Management, was sentenced on Wednesday to 18 years in prison by Judge Hellerstein for fraud, market manipulation, and racketeering conspiracy tied to the 2021 collapse of his $36 billion family office. The collapse cost Wall Street banks more than $10 billion. Hwang was found guilty in July. His portfolio had previously soared, briefly making him worth more than $30 billion, but he now has around $55 million. The sentencing marks an extraordinary fall from grace for Hwang, capping a case that riveted Wall Street.