NEW YORK, Jan 27 (Reuters) - The former chief financial

officer of Archegos Capital Management was sentenced on Monday

to eight years in prison over his role in the firm's 2021

collapse, which cost Wall Street banks more than $10 billion.

Patrick Halligan was convicted of securities fraud, wire

fraud and racketeering conspiracy by a Manhattan federal jury

last July. His former boss, Archegos founder Sung Kook "Bill"

Hwang, was also convicted at the same trial.

Halligan is expected to remain free on bail while he appeals

his conviction and sentence. He and prosecutors agreed on the

eight-year term for sentencing purposes.

Mary Mulligan, a lawyer for Halligan, declined to comment.

The U.S. Attorney's office in Manhattan did not immediately

respond to a request for comment.

Hwang was sentenced in November to 18 years in prison. He is

also appealing his conviction and free on bail. U.S. District

Judge Alvin Hellerstein in Manhattan imposed both sentences.

Archegos, a family office that once managed $36 billion,

collapsed in March 2021 when Hwang could not meet margin calls

on tens of billions of dollars in loans he obtained from banks

to make large, concentrated bets in media and technology stocks.

Several banks lost money in the collapse, including Credit

Suisse, which lost $5.5 billion, and Nomura Holdings ( NMR ).

Credit Suisse is now part of UBS.

In their sentencing recommendation, prosecutors said

Halligan played a leadership role in helping Hwang obtain loans

and amass trading capacity that distorted markets, and

concealing the risks from counterparties and others.