Archegos founder Bill Hwang was sentenced to 18 years in prison Wednesday related to charges of fraud and market manipulation tied to the 2021 fall of his family firm Archegos that caused banking shares across Europe and the U.S. to fall.
Sung Kook "Bill" Hwang, founder and head of private investment firm Archegos Capital Management, ... [+]
Hwang, whose real name is Sung Kook, was sentenced by U.S. District Judge Alvin Hellerstein in New York on Wednesday, multiple outlets reported, and received a sentence below the 21 years prosecutors asked for.
A jury found Hwang guilty in July on 10 of the 11 criminal counts he faced of securities fraud, wire fraud, conspiracy, racketeering and market manipulation.
Prosecutors alleged in the trial that Hwang and Patrick Halligan, former chief financial officer of Archegos, “lied to banks to obtain billions of dollars that they then used to inflate the stock price of a number of publicly-traded companies,” leading “billions of dollars of capital (to evaporate) nearly overnight.”
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