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.
Before sentencing Hwang, Hellerstein asked the defendant’s lawyer, Dani James, how she thought Hwang compared to Sam Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange.
While Archegos eventually managed $36 billion, Hwang’s borrowing helped him amass $160 billion of exposure to stocks.
Hwang’s co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three criminal charges.
Persons:
Sung Kook, Bill ” Hwang, Hwang, Alvin Hellerstein, ” Hellerstein, Archegos ’, Hwang —, Andrew Thomas, Hellerstein, Dani James, Sam Bankman, Mr, Fried, ” James, “, ” Hwang, James, it’s, Julian Robertson, Archegos, Grace, ”, Hwang’s, Patrick Halligan
Organizations:
Archegos Capital Management, U.S, AS FAMILY, Tiger Asia Management, Paramount, Credit Suisse, Nomura Holdings, UBS, Mercy Foundation
Locations:
Manhattan, U.S, New York