Bill Hwang Sentenced to 18 Years for Fraud

Bill Hwang, founder of Archegos Capital Management, has been sentenced to 18 years in prison for his involvement in one of the largest economic frauds in US history, causing over $10 billion in losses to Wall Street banks. The sentence was handed down by US District Judge Alvin Hellerstein in Manhattan after a jury convicted Hwang on 10 criminal charges, including wire fraud and market manipulation. Prosecutors had sought a 21-year term, describing the case as a 'national calamity'. The collapse of Archegos in March 2021, which took less than a week, resulted in significant financial losses for several banks, with Credit Suisse losing $5.5 billion. Hwang's defense argued for no prison term, citing his low risk of reoffending and his philanthropic contributions, but this was rejected by the court. The case has been compared to other major financial frauds, including that of Sam Bankman-Fried.