Archegos Capital Management founder Bill Hwang was sentenced to 18 years in prison on Wednesday after he was found guilty of manipulating stock prices and defrauding banks as part of a scheme that led to the biggest single-firm meltdown since the financial crisis.
A New York federal jury this summer found Hwang guilty of 10 counts including securities fraud and market manipulation. Hwang has denied wrongdoing, and his lawyer has indicated Hwang intends to appeal.
