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
Trump says he is directing federal agencies to cease use of Anthropic technology
World
UN Human Rights Council chief cuts off speaker criticizing US-sanctioned official
NEWYou can now listen to Fox News articles!
The United Nations Human Rights Council (UNHRC) abruptly cut off a video statement after the speaker began criticizing several United Nations officials, including one who has been sanctioned by the Trump administration. The video message was being played during a U.N. session in Geneva, Switzerland, Friday morning.
Anne Bayefsky, director of the Touro Institute on Human Rights and the and president of Human Rights, called out several U.N. officials in her message, including U.N. High Commissioner for Human Rights Volker Türk and special rapporteur Francesca Albanese, who is the subject of U.S. sanctions.
Secretary of State Marco Rubio announced sanctions against Albanese July 9, 2025, saying that she “has spewed unabashed antisemitism, expressed support for terrorism and open contempt for the United States, Israel and the West.”
“That bias has been apparent across the span of her career, including recommending that the ICC, without a legitimate basis, issue arrest warrants targeting Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant,” Rubio added.
Secretary of State Marco Rubio and Francesca Albanese (Getty Images)
“I was the only American U.N.-accredited NGO with a speaking slot, and I wasn’t allowed even to conclude my 90 seconds of allotted time. Free speech is non-existent at the U.N. so-called ‘Human Rights Council,’” Bayefsky told Fox News Digital.
Bayefsky noted the irony of the council cutting off her video in a proceeding that was said to be an “interactive dialogue,” an event during which experts are allowed to speak to the council about human rights issues.
“I was cut off after naming Francesca Albanese, Navi Pillay and Chris Sidoti for covering up Palestinian use of rape as a weapon of war and trafficking in blatant antisemitism. I named the prosecutor of the International Criminal Court, Karim Khan, who is facing disturbing sexual assault allegations but still unaccountable almost two years later. Those are the people and the facts that the United Nations wants to protect and hide,” Bayefsky told Fox News Digital.
“It is an outrage that I am silenced and singled out for criticism on the basis of naming names.”
Bayefsky’s statement was cut off as she accused Albanese and Navi Pillay, the former chair of the U.N. Independent International Commission of Inquiry on the Occupied Palestinian Territory; and Chris Sidoti, a commissioner of the U.N. Independent International Commission of Inquiry on the Occupied Palestinian Territory. She also slammed Khan, who has faced rape allegations. Khan has denied the sexual misconduct allegations against him.
Had her video message been played in full, Bayefsky would have gone on to criticize Türk’s recent report for not demanding accountability for the “Palestinian policy to pay to kill Jews, including Hamas terror boss Yahya Sinwar who got half a million dollars in blood money.”
When the video was cut short, Human Rights Council President Ambassador Sidharto Reza Suryodipuro characterized Bayefsky’s remarks as “derogatory, insulting and inflammatory” and said that they were “not acceptable.”
“The language used by the speaker cannot be allowed as it has exceeded the limits of tolerance and respect within the framework of the council which we all in this room hold to,” Suryodipuro said.
The Human Rights Council at the United Nations in Geneva, Switzerland, Feb. 26, 2025. (Denis Balibouse/Reuters)
MELANIA TRUMP TO TAKE THE GAVEL AT UN SECURITY COUNCIL IN HISTORIC FIRST
In response to Fox News Digital’s request for comment, Human Rights Council Media Officer Pascal Sim said the council has had long-established rules on what it considers to be acceptable language.
“Rulings regarding the form and language of interventions in the Human Rights Council are established practices that have been in place throughout the existence of the council and used by all council presidents when it comes to ensuring respect, tolerance and dignity inherent to the discussion of human rights issues,” Sim told Fox News Digital.
When asked if the video had been reviewed ahead of time, Sim said it was assessed for length and audio quality to allow for interpretation, but that the speakers are ultimately “responsible for the content of their statement.”
“The video statement by the NGO ‘Touro Law Center, The Institute on Human Rights and The Holocaust’ was interrupted when it was deemed that the language exceeded the limits of tolerance and respect within the framework of the council and could not be tolerated,” Sim said.
“As the presiding officer explained at the time, all speakers are to remain within the appropriate framework and terminology used in the council’s work, which is well known by speakers who routinely participate in council proceedings. Following that ruling, none of the member states of the council have objected to it.”
Flag alley at the United Nations’ European headquarters during the Human Rights Council in Geneva, Switzerland, Sept. 11, 2023. (Denis Balibouse/File Photo/Reuters)
UNRWA OFFICIALS LOBBY CONGRESSIONAL STAFFERS AGAINST TRUMP TERRORIST DESIGNATION THREAT
While Bayefsky’s statement was cut off, other statements accusing Israel of genocide and ethnic cleansing were allowed to be played and read in full.
This is not the first time that Bayefsky was interrupted. Exactly one year ago, on Feb. 27, 2025, her video was cut off when she mentioned the fate of Ariel and Kfir Bibas. Jürg Lauber, president of the U.N. Human Rights Council at the time, stopped the video and declared that Bayefsky had used inappropriate language.
Bayefsky began the speech by saying, “The world now knows Palestinian savages murdered 9-month-old baby Kfir,” and she ws almost immediately cut off by Lauber.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“Sorry, I have to interrupt,” Lauber abruptly said as the video of Bayefsky was paused. Lauber briefly objected to the “language” used in the video, but then allowed it to continue. After a few more seconds, the video was shut off entirely.
Lauber reiterated that “the language that’s used by the speaker cannot be tolerated,” adding that it “exceeds clearly the limits of tolerance and respect.”
Last year, when the previous incident occurred, Bayefsky said she believed the whole thing was “stage-managed,” as the council had advanced access to her video and a transcript and knew what she would say.
World
Did the EU bypass Hungary’s veto on Ukraine’s €90 billion loan?
A post on X by European Parliament President Roberta Metsola has triggered a wave of misinformation linked to the EU’s €90 billion support loan to Ukraine, which is designed to help Kyiv meet its general budget and defence needs amid Russia’s ongoing invasion.
ADVERTISEMENT
ADVERTISEMENT
Hungary said earlier this week that it would block both the loan — agreed by EU leaders in December — and a new EU sanctions package against Moscow amid a dispute over oil supplies.
Shortly afterwards, Metsola posted on X that she had signed the Ukraine support loan on behalf of the parliament.
She said the funds would be used to maintain essential public services, support Ukraine’s defence, protect shared European security, and anchor Ukraine’s future within Europe.
The announcement triggered a wave of reactions online, with some claiming Hungary’s veto had been ignored, but this is incorrect.
Metsola did sign the loan on behalf of the European Parliament, but that’s only one step in the EU’s legislative process. Her signature does not mean the loan has been definitively implemented.
How the process works
In December, after failing to reach an agreement on using frozen Russian assets to fund Ukraine’s war effort, the European Council agreed in principle to provide €90 billion to help Kyiv meet its budgetary and military needs over the next two years.
On 14 January, the European Commission put forward a package of legislative proposals to ensure continued financial support for Ukraine in 2026 and 2027.
These included a proposal to establish a €90 billion Ukraine support loan, amendments to the Ukraine Facility — the EU instrument used to deliver budgetary assistance — and changes to the EU’s multiannual financial framework so the loan could be backed by any unused budgetary “headroom”.
Under EU law, these proposals must be adopted by both the European Parliament and the European Council. Because the loan requires amendments to EU budgetary rules, it ultimately needs unanimous approval from all member states.
Metsola’s signature therefore does not amount to a final decision, nor does it override Hungary’s veto.
The oil dispute behind Hungary’s opposition
Budapest says its objections are linked to a dispute over the Druzhba pipeline, a Soviet-era route that carries Russian oil via Ukraine to Hungary and Slovakia.
According to the Centre for Research on Energy and Clean Air (CREA), Hungary and Slovakia imported an estimated €137 million worth of Russian crude through the pipeline in January alone, under a temporary EU exemption.
Oil flows reportedly stopped in late January after a Russian air strike that Kyiv says damaged the pipeline’s southern branch in western Ukraine. Hungary disputes this, with Prime Minister Viktor Orbán accusing Ukraine of blocking it from being used.
Speaking in Kyiv alongside European Commission President Ursula von der Leyen and European Council President António Costa, Ukraine’s President Volodymyr Zelenskyy said the pipeline had been damaged by Russia, not Kyiv.
He added that repairs were dangerous and could not be carried out quickly without putting Ukrainian servicemen in danger.
Tensions escalated further after reports that Ukraine struck a Russian pumping station serving the pipeline. Orbán responded by ordering increased security at critical infrastructure sites, claiming Kyiv was attempting to disrupt Hungary’s energy system.
-
World2 days agoExclusive: DeepSeek withholds latest AI model from US chipmakers including Nvidia, sources say
-
Massachusetts3 days agoMother and daughter injured in Taunton house explosion
-
Montana1 week ago2026 MHSA Montana Wrestling State Championship Brackets And Results – FloWrestling
-
Louisiana5 days agoWildfire near Gum Swamp Road in Livingston Parish now under control; more than 200 acres burned
-
Denver, CO3 days ago10 acres charred, 5 injured in Thornton grass fire, evacuation orders lifted
-
Technology7 days agoYouTube TV billing scam emails are hitting inboxes
-
Technology7 days agoStellantis is in a crisis of its own making
-
Politics7 days agoOpenAI didn’t contact police despite employees flagging mass shooter’s concerning chatbot interactions: REPORT