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Bill Hwang, founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation that led to the collapse of his $36 billion family office in March 2021. The sentence, delivered by US District Judge Alvin Hellerstein, came after Hwang was found guilty of misleading banks into providing excessive trading credit. The fallout impacted major financial institutions like Credit Suisse and Morgan Stanley. Hwang, previously involved in insider trading, expressed remorse but received a lesser sentence than the prosecution's request for 21 years amid concerns about his prior offenses.
Source: YAHOO