Former billionaire investor Bill Hwang received an 18-year prison sentence for his role in the Archegos Capital Management collapse.
This financial scandal cost Wall Street banks over $10 billion, causing significant turmoil and losses across the industry.
Hwang was convicted on multiple charges, including wire fraud, securities fraud, and market manipulation, following a lengthy trial.
The judge highlighted the severity of Hwang's actions, emphasizing their far-reaching impact and devastating consequences.
