Archegos Founder Bill Hwang Sentenced to 18 Years for $10 Billion Fraud
The collapse of Archegos Capital in 2021 caused over $100 billion in market value losses and severe financial damage to major banks.
- Bill Hwang, former billionaire and founder of Archegos Capital Management, was sentenced to 18 years in prison for fraud and market manipulation.
- Prosecutors argued Hwang misled banks to secure billions in loans, inflating stock prices and exposing lenders to catastrophic losses.
- The 2021 collapse of Archegos wiped out over $100 billion in market value and caused significant losses for banks like Credit Suisse and Nomura Holdings.
- A decision on restitution and forfeiture, including a potential $12.35 billion penalty, is expected after further legal proceedings in December.
- Hwang’s co-defendant, Patrick Halligan, is scheduled for sentencing in January after being convicted on related charges.
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