Archegos Founder Bill Hwang Sentenced to 18 Years, Claims Inability to Pay $10B Restitution

Bill Hwang, founder of Archegos Capital, has been sentenced to 18 years in prison for orchestrating a massive market manipulation scheme that resulted in over $10 billion in losses for major banks. Hwang's secretive trading strategies led to a sudden market sell-off in March 2021, impacting global equity markets and prompting banks to revamp their due diligence processes. Despite his charitable work and claims of financial loss, the court deemed his actions warranted severe punishment.