New York City, New York – Archegos Capital Management founder Bill Hwang has been sentenced to 18 years in prison for his role in a massive financial scandal that shook the markets last year. The court’s decision comes after Hwang pleaded guilty to charges of wire fraud, securities fraud, and conspiracy.

Hwang’s sentencing marks the end of a high-profile case that exposed the risks associated with highly leveraged trading strategies. The downfall of Archegos Capital Management resulted in billions of dollars in losses for major financial institutions.

During the court proceedings, Hwang claimed that he was unable to pay the $10 billion in compensation to victims because he was only a millionaire. Prosecutors described the collapse of Archegos as a “national calamity” and argued that Hwang’s actions had far-reaching consequences for the financial industry.

Hwang’s sentencing serves as a cautionary tale for investors and financial institutions about the dangers of unchecked risk-taking and the potential fallout from high-risk trading strategies. The case has prompted calls for greater transparency and oversight in the financial sector to prevent similar incidents from occurring in the future.

In a statement following the sentencing, Hwang expressed remorse for his actions and the impact they had on investors, employees, and the broader financial community. The court’s decision to hand down an 18-year prison sentence reflects the seriousness of the charges and the damage caused by Hwang’s reckless behavior.

As the financial industry grapples with the fallout from the Archegos scandal, regulators are likely to increase scrutiny of hedge funds and other high-risk investment vehicles. The case has highlighted the need for more rigorous risk management practices and closer supervision of financial institutions to prevent another systemic crisis.