(Ministry Watch) Once one of the wealthiest evangelicals in the U.S., celebrated as part of a “new evangelical donor-class,” Sun Kook (“Bill”) Hwang now faces the possibility of life behind bars.
On July 10, after a grueling eight-week trial that parsed the complexities of finance law, a New York jury found Hwang guilty of racketeering, securities fraud, market manipulation and wire fraud. The jury convicted him on all but one of 11 counts, each of which carries a maximum 20-year sentence.
Hwang’s fall from grace came in March 2021, when his now-defunct Archegos Capital Management firm’s high risk investments led to the sudden erasure of $100 billion in stock market value from companies such as ViacomCBS and Tencent. Banks that had given loans to Archegos lost $10 billion, while Archegos itself lost $36 billion…. to continue reading click here
This article was written by Tony Mator and published by Ministry Watch
