Former Wall Street investor, Sung Kook "Bill" Hwang, has been sentenced to 18 years in prison in a massive fraud case that cost banks billions of dollars.
The sentence comes after Hwang was found guilty of fraud and market manipulation in a case linked to the failure of his investment fund Archegos Capital Management in 2021.
"The amount of losses that were caused by your conduct are larger than any other losses I have dealt with," US District Judge Alvin Hellerstein said before announcing the sentence, in quotes cited by Reuters news agency.
The prison term was slightly shorter than the 21-year prison sentence sought by prosecutors, but is still unusually long for a white-collar crime.