Bill Hwang, founder of Archegos Capital, was sentenced to 18 years in prison for securities fraud that led to over $9 billion in losses for banks.
U.S. Attorney Alexandra Rothman highlighted that Hwang sought to become a legend on Wall Street, orchestrating a sophisticated scheme that hid his large stock positions.
Hwang manipulated stock values by trading derivatives, allowing him to dominate ownership of several companies without public disclosure, leading to massive market losses.
Judge Hellerstein noted that Hwang's fraud impacted nine financial institutions, costing them billions, and emphasized the serious nature of Hwang's criminal activities.
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