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.
Hwang had asked for no prison, forfeiture or restitution, and to remain free on bail while he appealed his conviction.
James said his low risk of committing more crimes meant a lengthy prison term served no purpose.
Persons:
Sung Kook, Bill, Hwang, Alvin Hellerstein, Archegos, Hwang —, Andrew Thomas, Hellerstein, Dani James, Sam Bankman, Fried, James, it's
Organizations:
Archegos Capital Management, United States, Court, U.S
Locations:
Manhattan, New York City, U.S