Archegos hedge fund founder Bill Hwang gets 18 years in prison for massive fraud

Associated Press

NEW YORK (AP) — The founder of Archegos Capital Management, a hedge fund, has been sentenced to 18 years in prison for his conviction in a securities and market manipulation fraud that prosecutors say cost global investment banks billions of dollars. Bill Hwang was told the length of his prison term Wednesday in Manhattan federal court. Judge Alvin K. Hellerstein said that over $9 billion lost by financial institutions when the fund collapsed in 2021 meant he had never presided over a case with so much financial loss. Hwang told the judge before the sentence was announced that he felt “really terrible for what happened at Archegos.”