Archegos’ Bill Hwang sentenced to 18 years in prison for massive US fraud ...Middle East

NEW YORK: Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion.Hwang was sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation.“The amount of losses that were caused by your conduct are larger than any other losses I have dealt with,“ Hellerstein said before announcing the sentence.Archegos’ March 2021 implosion took less than a week, stunning Wall Street and Hwang’s lenders.The U.S. Attorney’s office in Manhattan

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