Sung Kook ‘Bill’ Hwang has been sentenced to 18 years in prison following his conviction for fraud and market manipulation related to the collapse of Archegos Capital Management. This incident resulted in massive losses for Wall Street banks, including Credit Suisse and Morgan Stanley. U.S. District Judge Alvin Hellerstein noted the unprecedented scale of losses and criticized calls for leniency from Hwang’s lawyers. The court will resume discussions regarding potential restitution payments.