Bill Hwang, founder of Archegos Capital Management, was sentenced to 18 years in prison for securities and market manipulation fraud. His actions led to the firm's collapse, wiping out over $100 billion in market value and costing banks more than $10 billion. Hwang was convicted on multiple charges including wire fraud. Prosecutors sought a longer sentence, highlighting the case's impact on Wall Street. Hwang's lawyers argued for leniency, citing his philanthropic work and low risk of re-offending.