Bill Hwang, the founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation.

Hwang was convicted on ten counts in July, with federal prosecutors initially seeking a 21-year sentence. The downfall of Archegos, which managed $36 billion in assets, resulted from its failure to meet margin calls, leading to significant difficulties for major banks.

Hwang was accused of misleading banks about the fund's portfolio to support aggressive investments in a limited number of media and technology stocks, ultimately increasing his market exposure to $160 billion. The subsequent decline of key stocks, such as ViacomCBS, contributed to the fund's failure.

A hearing to determine potential compensation for the losses is scheduled for Thursday. Additionally, Patrick Halligan, the former CFO of Archegos, was also found guilty, with his sentencing set for January 27.