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

Hwang's actions caused the collapse of his hedge fund in 2021, previously valued at $36 billion. He was found guilty of orchestrating a scheme to convince banking partners to provide billions in trading capacity to Archegos, artificially inflating the value of his portfolio. The subsequent implosion of the fund had a significant impact on major financial institutions, leading to the downfall of Credit Suisse and resulting in substantial losses for firms like Morgan Stanley, UBS, and Nomura Holdings.

The ruling comes after an investigation into Hwang's actions, and the sentence of 18 years in prison was slightly less than what prosecutors sought. The judge dismissed Hwang's defense as "completely ridiculous."