Christian Billionaire Found Guilty of Massive Wall Street Fraud
In a case that alluded to the investor’s faith, a federal jury convicted Bill Hwang of market manipulation and defrauding banks.
Supporters of Christian investor and philanthropist Bill Hwang closed their eyes and prayed in federal court as they waited for a verdict on a case accusing him of massive Wall Street fraud. Hwang himself, serene throughout the proceedings, read a Bible devotional and took notes in the margins—a practice he had done throughout the trial—as he awaited the jury’s ruling.
On Wednesday, a jury found Hwang, at one time one of the wealthiest evangelicals in the US, guilty of manipulating the stock market and defrauding banks. It is one of the biggest cases of Wall Street fraud in terms of dollar amount, with banks losing $ 10 billion after he and his firm lied to them.
It is the crashing conclusion of a unique institution: Hwang’s Archegos Capital Management, a Christian investment firm that was named for a Greek word used to describe Christ as the “author” of our salvation (Heb. 2:10) and the “prince” of life (Acts 3:15). While Hwang’s defense team had argued that his aggressive trading at Archegos was within the bounds of normal Wall Street practice, the jury found he and his team were guilty of defrauding banks of billions and artificially pumping up stock prices.
The jury found him guilty of 10 of 11 counts. He was guilty of racketeering, securities fraud, market manipulation, and wire fraud. He was found not guilty on one count of market manipulation regarding one particular stock.
When Archegos collapsed in March 2021, the firm lost $ 36 billion, banks lending to Archegos lost $ 10 billion, and about $ 100 billion in market value disappeared.
Hwang’s Christian faith was woven into the long federal trial, featuring witnesses from Hwang’s Christian foundation Grace and …