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Archegos Capital collapse scandal: A family office with $36 billion took on $160 billion of exposure, and its founder got 18 years in prison - The Economic Times
Sung Kook 'Bill' Hwang received an 18-year prison sentence for his involvement in the Archegos Capital Management collapse. The firms failure resulted in over $10 billion in losses for major banks. Prosecutors previously sought a 21-year sentence and over $12 billion in financial penalties from Hwang. During sentencing, the judge compared Hwang's actions to those of Sam Bankman-Fried from FTX.