Archegos hedge fund founder jailed for 18 years for fraud

Bill Hwang, founder of Archegos Capital Management, leaves court in New York on Wednesday (Julia Demaree Nikhinson/AP)

The founder of hedge fund Archegos Capital Management was sentenced to 18 years in prison on Wednesday for securities and market manipulation fraud in a scheme that prosecutors said cost global investment banks billions of dollars.

Bill Hwang was told the length of the prison term in Manhattan federal court after he told Judge Alvin K Hellerstein that he felt “really terrible for what happened at Archegos”, alluding to the fund’s demise over three years ago.