Billionaire Hate Group Donor Guilty In Stock Scheme

July 12, 2024 Christianists, Crime

The Christian Post reports:

A billionaire who has claimed to be a devout Christian and was one of the Evangelical world’s biggest benefactors was found guilty Wednesday in New York City of massive securities and market manipulation fraud that reportedly wiped $100 billion from the global market.

Bill Hwang, who founded the investment firm Archegos Capital Management in 2013, stared ahead and sipped water as the jury announced its verdict that he was guilty on 10 of 11 counts that included racketeering, securities fraud, market manipulation and wire fraud.

The Associated Press reports:

Federal prosecutors in New York said Hwang and his co-conspirators artificially inflated the values of nearly a dozen stocks before the investments collapsed, wiping out $100 billion in market value along with the company he created.

Prosecutors said Hwang lied to banks to get billions of dollars to grow his investment firm, which was based in New York. Its portfolio grew from $10 billion to $160 billion.

The indictment said the investment public did not know Archegos had come to dominate the trading and stock ownership of multiple companies because it used securities that had no public disclosure requirement.

As I reported in 2022 upon his arrest, Hwang was a major donor to the anti-LGBTQ hate group, Focus On The Family.



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