From Billionaire to Behind Bars: The Rise and Fall of Bill Hwang

Sung Kook "Bill" Hwang, once a billionaire investor, received an 18-year prison sentence over the collapse of Archegos Capital, causing over $10 billion in losses. Convicted of multiple charges including wire and securities fraud, Hwang's sentencing is part of a high-profile case impacting major banks.

Former billionaire investor Sung Kook "Bill" Hwang was handed an 18-year prison sentence following the catastrophic collapse of Archegos Capital Management, inflicting over $10 billion in losses on major Wall Street banks. Convicted on ten criminal charges, including wire fraud, securities fraud, and market manipulation, Hwang faced judgment day in Manhattan's U.S. District Court.

The March 2021 collapse of Archegos, orchestrated by Hwang, sent shockwaves through Wall Street and shook lenders to their core. U.S. Attorney's office had sought a 21-year sentence, highlighting the case as a national calamity. Debate over restitution remains unresolved, with further proceedings expected.

Archegos' downfall was triggered by Hwang's borrowing for aggressive market bets. Ultimately, his inability to meet margin calls led to a catastrophic loss of over $100 billion in market value. Despite his religious endeavors, Hwang's legal team argued for leniency, citing his low risk of recidivism.

(With inputs from agencies.)