Legal Outcome
, founder of , received an 18-year prison sentence for securities and market manipulation fraud, causing significant financial losses to global investment banks.
Hwang, convicted on 10 criminal charges, including wire and securities fraud, saw his appeals for no prison time or restitution rejected. His actions led to over $10 billion in losses for banks.
Trial and Sentencing Details
The rapid collapse of Archegos in March 2021, after failing to meet margin calls, dramatically wiped out over $100 billion in market value, affecting several banks and the stock market.
Hwang's legal team highlighted his Christian faith and philanthropic efforts, arguing against prison time. However, the court emphasized the severity of Hwang's fraud, which was described as a national calamity.