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Archegos founder Bill Hwang convicted at fraud trial over fund’s collapse

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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.

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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.

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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.

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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.

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Thousands march across Europe protesting violence against women

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Thousands march across Europe protesting violence against women

Violence against women and girls remains largely unreported due to the impunity, silence, stigma and shame surrounding it.

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Thousands marched across France and Italy protesting violence against women on Saturday – two days before the International Day for the Elimination of Violence Against Women. 

Those demonstrating protested all forms of violence against women – whether it be sexual, physical, psychological and economic. 

The United Nations designated 25 November as the International Day for the Elimination of Violence Against Women. The goal is to raise awareness of the violence women are subjected to and the reality that the scale and nature of the issue is often hidden. 

Activists demonstrated partially naked in Rome, hooded in balaclavas to replicate the gesture of Iranian student Ahoo Daryaei, who stripped in front of a university in Tehran to protest the country’s regime. 

In France, demonstrations were planned in dozens of cities like Paris, Marseille and Lille. 

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More than 400 organisations reportedly called for demonstrations across the country amidst widespread shock caused by the Pelicot mass rape trial. 

Violence against women and girls remains one of the most prevalent and pervasive human rights violations in the world, according to the United Nations. Globally, almost one in three women have been subjected to physical and/or sexual violence at least once in their life. 

For at least 51,100 women in 2023, the cycle of gender-based violence ended with their murder by partners or family members. That means a woman was killed every ten minutes. 

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Ron Ely, Star of TV’s Tarzan, Cause of Death Revealed

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Ron Ely, Star of TV’s Tarzan, Cause of Death Revealed


Ron Ely Dead: ‘Tarzan’ Actor Cause of Death Revealed — Obituary



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Scientists study ‘very rare’ frozen remains of 35,000-year-old saber-toothed cub

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Scientists study ‘very rare’ frozen remains of 35,000-year-old saber-toothed cub

A mummified saber-toothed cub of a catlike animal dating back 35,000 years was left almost perfectly preserved in Siberia’s permafrost.

The remains had been found back in 2020, northeast of Yakutia, Russia. Research regarding the study of the cub was published in the journal Scientific Reports on November 14, 2024. 

The discovery of frozen remains from the Late Pleistocene period is “very rare,” according to the published research, though most discovered in Russia lie in the Indigirka River basin, the authors note. 

The mummified saber-tooth cub found in Siberia’s permafrost was studied by scientists and found to have been buried around 35,000 years ago. (Alexey V. Lopatin)

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The mummified cub remained well-preserved, frozen in time for thousands of years. The frozen nature of this find left it in impressive condition, even still containing fur. 

“The mummy body is covered with short, thick, soft, dark brown fur with hair about 20–30 mm long,” the authors wrote in the published research, also pointing out that the fur that was located on the back and neck of the cub was longer than the hair that was found on the legs. 

The head of the mummy was also left well-preserved, down to its chest, front arms and paws. 

IRISH FARMER FINDS NEAR-60-POUND SLAB OF ANCIENT BOG BUTTER ON HIS LAND BY ‘PURE LUCK’

The study of this find wasn’t just a unique opportunity for scientists, it also provided first-of-its kind research.  

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“For the first time in the history of paleontology, the appearance of an extinct mammal that has no analogues in the modern fauna has been studied,” the authors of the study explained. 

Heads of three-week-old cubs

This discovery provided an extremely unique and rare opportunity for scientists to study an extinct species that was so well preserved. (Alexey V. Lopatin)

The scientists determined that the cub had died at about three weeks old. It was identified by the authors of the study as belonging to the species Homotherium latidens and had many differentiations from a modern lion cub of a similar age. 

The shape of the muzzle displayed by the mummified cub, which had a large mouth and small ears, plus a “massive” neck, long forelimbs and a darker colored coat, were all among key differences from today’s modern lion cubs that scientists observed. 

2,000-YEAR-OLD ROMAN ROAD DISCOVERED BY ARCHAEOLOGISTS IN LONDON

Scientists also worked in their research to find out how the extinct species was able to survive through frigid temperatures.  

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Large contributors to their survival were the shape of the large paws and absence of carpal pads. Scientists believe these elements helped them get through the snow.

In recent years, there have been other ancient animals found in Siberian permafrost. 

Skull of cub

Analysis of the cub’s skull helped scientists identify it as belonging to the genus Homotherium. (Alexey V. Lopatin)

 

For example, in 2021, a mummified wolf was discovered that dated back over 44,000 years, Live Science reported in June 2024. 

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