Billionaire Investor Sung Kook 'Bill' Hwang Sentenced to 18 Years
New York, November 21 (Hibya) - Archegos founder Bill Hwang was sentenced to 18 years in prison on Wednesday on charges of fraud and market manipulation related to the 2021 collapse of his family company Archegos, which caused banking stocks in Europe and the US to fall.
According to Forbes, Hwang, whose real name is Sung Kook, was sentenced on Wednesday in New York by US District Judge Alvin Hellerstein. The sentence was less than the 21 years requested by prosecutors.
A jury in July found Hwang guilty on 10 of 11 charges, including securities fraud, wire fraud, conspiracy, racketeering, and market manipulation.
Prosecutors alleged that Hwang and Archegos's former CFO, Patrick Halligan, "lied to banks to obtain billions of dollars and then used these funds to artificially inflate the stock prices of several public companies," and that "billions of dollars in capital evaporated almost overnight."
British News Agency
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