Former billionaire investor Bill Hwang has been sentenced to 18 years in prison for his role in the massive fraud that led to the collapse of Archegos Capital Management, causing more than $10 billion in losses to Wall Street banks.

US district judge Alvin Hellerstein delivered the sentence in Manhattan, where Hwang was convicted in July on 10 criminal charges, including wire fraud, securities fraud, and market manipulation.

"The amount of losses that were caused by your conduct are larger than any other losses I have dealt with," Hellerstein said during the sentencing hearing.

Prosecutors had sought a 21-year prison term, arguing that Hwang's actions constituted a "national calamity". Prosecutor Andrew Thomas described the case as standing "among a rare class of cases that truly could be described as a national calamity".

Hwang, a 60-year-old former hedge fund manager, was accused of lying to banks about Archegos's portfolio to borrow money aggressively and make concentrated stock bets. While the fund eventually managed $36 billion, Hwang's borrowing helped him amass $160 billion of stock exposure.

The fund's implosion in March 2021 took less than a week, stunning Wall Street and causing significant losses to banks including Credit Suisse and Nomura Holdings. More than $100 billion of market value in Hwang's stocks was wiped out.

Hwang's lawyers requested no punishment, citing his Christian faith and his non-profit Grace and Mercy Foundation, which has donated at least $600 million to combat social issues. "Mr. Bankman-Fried was literally stealing from his customers," his lawyer Dani James argued, differentiating Hwang's case from the recent FTX fraud.

Before sentencing, Hellerstein compared Hwang to Sam Bankman-Fried, who received 25 years in prison for stealing $8 billion from FTX users.

In a statement to the court, Hwang expressed hope that the punishment would "allow me to serve as much as I can given the circumstances". His lawyers claim his net worth has fallen to "at most" $55.3 million.

Hwang's co-defendant, former Archegos chief financial officer Patrick Halligan, will be sentenced on 27 January after being convicted on three criminal charges.

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