(Reuters) - Archegos Capital Management founder Sung Kook "Bill" Hwang was convicted of fraud and other charges on Wednesday at a criminal trial in New York in the wake of the 2021 collapse of his $36 billion private investment firm. Each of the charges against Hwang, who had pleaded not guilty, carries a potential penalty of 20 years in prison. He will be sentenced at a later date.
Here is a look at prominent Wall Street figures who have been sentenced to prison time. BERNARD MADOFF Madoff pleaded guilty in 2009 to running the largest-known Ponzi scheme in history, estimated as high as $64.8 billion.
For decades, Madoff presented himself as a successful and trusted Wall Street kingpin, attracting high-profile and celebrity investors while secretly engaging in fraud. Madoff died at age 82 in 2021 while serving a 150-year prison sentence. "Bernie, up until his death, lived with guilt and remorse for his crimes," Madoff's lawyer Brandon Sample said in a statement upon his client's death.
SAM BANKMAN-FRIED FTX founder Bankman-Fried was sentenced in March to 25 years in prison for stealing $8 billion from customers of his cryptocurrency exchange, a dramatic downfall for the former billionaire wunderkind. While FTX, which was based in the Bahamas, was not a traditional Wall Street firm, prosecutors accused Bankman-Fried of old-fashioned financial fraud - using customer assets to purchase luxury properties, as well as to prop up his hedge fund and to make political donations. Bankm.
