World
Archegos founder Bill Hwang convicted at fraud trial over fund’s collapse
Archegos Capital Management founder Sung Kook “Bill” Hwang has been convicted of fraud and other charges by a jury in a Manhattan federal court at a criminal trial in which prosecutors accused him of market manipulation ahead of the 2021 collapse of his $36bn private investment firm.
On Wednesday, the jury, which began deliberations on Tuesday, found Hwang guilty on 10 of 11 criminal counts, and Patrick Halligan, his Archegos deputy and co-defendant, guilty on all three counts he faced. Hwang and Halligan sat flanked by their lawyers as the verdict was read by a soft-spoken foreperson.
United States District Judge Alvin Hellerstein set the sentencing for October 28. Both men will remain free on bail.
The Archegos meltdown sent shock waves across Wall Street and drew regulatory scrutiny on three continents. Prosecutors have said Hwang and Halligan lied to banks in order to obtain billions of dollars that they used to artificially pump up the stock prices of multiple publicly traded companies. The trial began in May.
Hwang, 60, had pleaded not guilty to one count of racketeering conspiracy, three counts of fraud and seven counts of market manipulation. Halligan, 47, had pleaded not guilty to one count of racketeering conspiracy and two counts of fraud. Halligan was the chief financial officer at Archegos.
They now face maximum sentences of 20 years in prison on each charge for which they were convicted, though any sentence would likely be much lower and would be imposed by the judge based on a range of factors.
When the charges were brought in 2022, the US Department of Justice called the case an example of its commitment to hold accountable people who distort and defraud US financial markets.
Jurors heard closing arguments on Tuesday.
Implosion
The trial centred on the implosion of Hwang’s family office Archegos, which inflicted $10bn in losses at global banks and, according to prosecutors, caused more than $100bn in shareholder losses at companies in its portfolio. Prosecutors said Hwang’s actions harmed US financial markets as well as ordinary investors, causing significant losses to banks, market participants and Archegos employees.
Hwang secretly amassed outsized stakes in multiple companies without actually holding their stock, according to prosecutors. Hwang lied to banks about the size of the derivative positions of Archegos in order to borrow billions of dollars that he and his deputies then used to artificially inflate the underlying stocks, prosecutors said.
Halligan was accused by prosecutors of lying to banks and enabling the criminal scheme.
During closing arguments, Assistant US Attorney Andrew Thomas told jurors, “By 2021, the defendants’ lies and manipulation had ensnared nearly a dozen stocks and half of Wall Street in a $100bn fraud, a fraud that came crashing down in a matter of days.”
Hwang’s defence team painted the indictment as the “most aggressive open market manipulation case” ever brought by US prosecutors. Hwang’s attorney, Barry Berke, told jurors in his closing argument that prosecutors criminalised aggressive but legal trading methods.
Archegos’s head trader, William Tomita, and chief risk officer, Scott Becker, testified as prosecution witnesses after pleading guilty to related charges and agreeing to cooperate in the case.
According to the US Attorney’s Office for the Southern District of New York, which brought the case, Hwang’s positions eclipsed those of the companies’ largest investors, driving up stock prices. At its peak, prosecutors said Archegos had $36bn in assets and $160bn of exposure to equities.
When stock prices fell in March 2021, the banks demanded additional deposits, which Archegos could not make. The banks then sold the stocks backing Hwang’s swaps, wiping out an alleged $100bn in value for shareholders and billions at the banks, including $5.5bn for Credit Suisse, now part of UBS, and $2.9bn for Nomura Holdings.
World
How Sheila the three-wheeler dodged danger on a record 14,000-mile journey to tip of South Africa
CAPE TOWN, South Africa (AP) — Englishman Ollie Jenks remembers when his friend first pitched the idea to him.
“It was so ridiculous I couldn’t say no,” Jenks said.
The proposal by Canadian buddy Seth Scott, a fellow lover of cars and crazy adventures, was for them to drive a decades-old British-made Reliant Robin car from London to the southern tip of Africa — a 14,000-mile (22,500-kilometer) journey through 22 countries — to set a record for the longest trip in a three-wheeled vehicle.
Reliant Robins have cultlike status in the U.K. as humble three-wheelers that, in Jenks’ words, were designed to go to the shops and back in 1970s Britain. They went out of production in the early 2000s but remain loved in British culture, especially after a Reliant appeared as the Trotter brothers’ trusty but battered yellow van in the hugely popular sitcom “Only Fools and Horses.”
Yet you couldn’t find a less suitable vehicle to take thousands of miles through tropical jungles, mountain ranges and deserts down the west side of Africa. And that’s precisely why Jenks went for the absurd plan.
Sheila the three-wheeler
Sheila, the silver three-wheeler — one of the last Reliant Robins to be built — was acquired specifically for the adventure. Jenks and Scott set off in October with a can of fuel and a few essential supplies strapped to Sheila’s small roof, and a large amount of blind hope that they would somehow make it to Cape Town, South Africa, near the bottom of the world.
“No power steering, no air con, and it doesn’t do well up hills or down them. It is the most unsuitable car for probably any journey,” Jenks said in an unkind assessment of Sheila’s abilities. “We made friends with the designer of this car, and he’s scared to take it any more than 20 miles.”
Jenks and Scott ignored all the advice and took Sheila on the epic journey over four-and-a-half months that cost in the region of $40,000 to $50,000, Jenks said. They had help from sponsors and crowd funding, and documented the journey on an Instagram page that pulled in nearly 100,000 followers under the title: “14,000 miles, 3 wheels, 0 common sense.”
Attempted coups and airstrikes
They arrived in Benin during an attempted coup. They skirted through northern Nigeria as the U.S. launched airstrikes on Islamic State targets. They were given a military escort for about 300 miles (480 kilometers) through a region of separatist violence in Cameroon.
“Imagine this car in a military convoy,” Jenks said.
And there were many brushes with traffic-related danger, including when an overtaking bus almost flattened Sheila against a cliff face in Congo.
True to form that Reliants are sometimes not so reliable, there were also countless breakdowns on the punishing roads.
Sheila needed her wheel springs replaced in the first two weeks. The gearbox broke in Ghana, leaving them with only fourth gear. In Cameroon, there were clutch and distributor problems and then the big one: the engine blew up.
Through all the technical problems, the kindness of strangers and the intrepidness of Jenks and Scott kept them going. One man got a new gearbox shipped to Ghana. Reliant enthusiasts in the U.K. helped find a new engine to send to Cameroon.
After one breakdown, people helped load Sheila onto a cattle truck so she could be taken to a garage. Mechanics across the continent screwed, hammered and welded Sheila to keep her together, sometimes shaking their heads at the madness of it all.
Where no Reliant Robin has gone before
But there were also majestic moments, the kind that Jenks and Scott had envisioned to make it all worth it.
Sheila cruised through stunning mountain ranges and vast deserts — where surely no Reliant Robin has gone before. She went on safari, driving alongside galloping giraffes, spotting endangered rhinos, and posing for a picture next to a giant elephant.
More than 120 days after setting off, she rattled into Cape Town last month on an engine that began badly overheating in the Namibian desert and had been touch and go for about 1,000 miles (1,600 kilometers).
“This is a great underdog story,” said Graeme Hurst, a South African car lover who followed them on Instagram and came to see Sheila. “I see the farcical kind of comical nature of it … but also the sheer admiration. I mean, they have utter tenacity.”
In South Africa, Sheila was put on temporary display in a showroom for high-end cars and was the center of attention ahead of the glittering Porsches and Mercedes, showing off her broken side window, her petrol-stained windshield, her bent tire rims, and her countless dents and scratches.
She will rest now and be given the thorough service she deserves, Jenks said. Eventually, she’ll be driven to Kenya, put on a ship to Turkey, then make one last trip back to the U.K. to find a home at the London Transport Museum.
Jenks said he felt triumphant after reaching Cape Town, but relieved to have survived and finally be out of the tiny two-seater.
“It was like driving a motorized coffin,” he said.
___
AP Africa news: https://apnews.com/hub/africa
World
Pope Leo urges Africans to stay and ‘serve your country’ instead of migrating as displacement climbs
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Pope Leo XIV last Friday urged African youth to work toward improving their own countries rather than migrating elsewhere in search of better opportunities.
The leader of the Roman Catholic Church directed his remarks to university students at the Catholic University of Central Africa in Yaoundé, the capital of Cameroon, during an 11-day apostolic journey in Africa.
“In the face of the understandable tendency to migrate — which may lead one to believe that elsewhere a better future may be more easily found — I invite you, first and foremost, to respond with an ardent desire to serve your country and to apply the knowledge you are acquiring here to the benefit of your fellow citizens,” Leo said.
While displacement in Africa has steadily increased in recent years amid economic and political challenges, Leo said each country’s rising generations should be “committed to society,” reflect their nations’ needs and confront systemic issues at home.
BISHOP ROBERT BARRON: WHAT LEO’S CHOICE OF NAME TELLS US ABOUT THE NEW POPE
Pope Leo XIV speaks as he meets with the community of Bamenda at Saint Joseph’s Cathedral in Bamenda on the fourth day of an 11-day apostolic journey to Africa April 16, 2026. (Alberto Pizzoli/AFP via Getty Images)
“Africa, indeed, must be freed from the scourge of corruption. For young people, this awareness must take root from their years of formation,” he said.
“These are the witnesses of wisdom and justice, of which the African continent needs.”
He added that through education and spiritual formation, “you learn to become builders of the future of your respective countries and of a world that is more just and humane.”
POPE LEO SAYS HE’S UNAFRAID OF THE TRUMP ADMIN AFTER PRESIDENT CALLS HIM ‘TERRIBLE’ ON FOREIGN POLICY
Pope Leo XIV delivers a speech during his visit to Central African Catholic University as part of his Africa tour April 17, 2026, in Yaoundé, Cameroon. (Ahmet Emin Donmez/Anadolu)
According to the World Migration Report, most of Africa’s displacement occurs internally within the continent, with 21 million Africans recorded as living in another African country in 2020.
Overseas African migration has also steadily increased, with figures more than doubling between 1990 and 2020.
In 2020, roughly 11 million Africans reportedly migrated to Europe, 5 million to Asia and 3 million to Northern America.
MORNING GLORY: LEO’S LAUNCH
Pope Leo XIV visits Central African Catholic University as part of his Africa tour April 17, 2026, in Yaoundé, Cameroon. (Ahmet Emin Donmez/Anadolu)
The causes of displacement are largely attributed to political conflict, corruption, violence and economic hardship, including widespread poverty.
These factors are particularly pronounced in countries such as Somalia, one of Africa’s largest sources of refugees; Nigeria, which is riddled with natural disasters and economic pressures; and Sudan’s surrounding areas, where civil war, political instability and food insecurity have driven large-scale displacement.
The Pope’s remarks come just days after President Donald Trump criticized Leo on Truth Social, calling him “weak on crime, and terrible for foreign policy.”
The backlash followed the pontiff’s criticism of the U.S.-Israeli war in Iran and his appeal for a return to peace.
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Tensions between the two boiled over several days before the Pope said last Saturday that it was “not in my interest at all” to debate the president.
Leo has insisted that his position is focused on bridging divides among nations and promoting peace and reconciliation.
World
Tehran vows to ‘resist bullying’ as Trump extends Iran truce, blocks ports
Lebanon’s disaster management unit raises the death toll from weeks of Israeli attacks to 2,454, with 7,658 people injured.
Published On 22 Apr 2026
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