Former Wall Street trader Bill Hwang has been sentenced to 18 years in prison, capping an extraordinary fall from grace for the Archegos founder who was earlier this year found guilty of orchestrating a massive market deception that cost big banks billions of dollars.
Judge Alvin Hellerstein on Wednesday sentenced the 60-year-old, who was convicted of fraud and market manipulation in July.
During the eight-week trial Hwang was shown to have used secretive trading strategies to quietly drive up the share price of media and technology groups including Discovery, Viacom and Tencent, before a series of adverse events led to a sudden sell-off in March 2021.
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