Former billionaire investor Sung Kook 'Bill' Hwang, the founder of Archegos Capital Management, was sentenced on November 20, 2024, to 18 years in prison for fraud and market manipulation tied to the 2021 collapse of his $36 billion family office. The collapse of Archegos resulted in losses exceeding $10 billion for Wall Street banks and led to a $100 billion evaporation in stock market value. Hwang, now 60, was convicted in July on charges including wire fraud, securities fraud, and market manipulation. U.S. District Judge Alvin Hellerstein, who delivered the sentence, called the punishment 'just'. The case riveted Wall Street and marked an extraordinary fall from grace for Hwang, who orchestrated a massive market deception that cost big banks billions of dollars.