Patrick Halligan, the former chief financial officer of Archegos Capital Management, which once managed $36 billion, has been sentenced to eight years in prison for his role in the firm's 2021 collapse. The collapse resulted in over $10 billion in losses for Wall Street banks, including a $5.5 billion loss for Credit Suisse, now part of UBS, and losses for Nomura Holdings. Halligan was convicted of securities fraud, wire fraud, and racketeering conspiracy by a Manhattan federal jury in July of the previous year. His sentencing follows that of Archegos founder Sung Kook 'Bill' Hwang, who received an 18-year sentence in November. Both men were found guilty of deceiving banks to secure billions in trading capacity, though Hwang was also convicted of market manipulation. U.S. District Judge Alvin Hellerstein, who sentenced both individuals, noted that Halligan deserved a lighter sentence than Hwang, describing Hwang as the 'dynamic force' behind Archegos. Halligan is expected to remain free on bail while he appeals his conviction and sentence.