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Archegos' Bill Hwang sentenced to 18 years in prison for massive US fraud

  • Bill Hwang, founder of Archegos Capital Management, was sentenced to 18 years in prison for securities and market manipulation fraud that cost banks billions.
  • Hwang's company grew from $10 billion to $160 billion through deception, leading to his conviction on six counts of fraud.
  • The judge deemed leniency requests as 'utterly ridiculous' and noted financial institutions lost over $9 billion in total.
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