Sung Kook “Bill” Hwang tried to trick all of Wall Street, a federal prosecutor told a Manhattan federal jury, as the trial on charges stemming from the 2021 collapse of Hwang’s $36 billion fund Archegos Capital Management began on Monday.
Prosecutors have alleged that Hwang andArchegoslied to Wall Street banks to secure billions of dollars of funding that they then used to inflate stock prices.
FormerArchegosChief Financial Officer Patrick Halligan, who is also on trial, enabled the scheme, they claim.
Archegos’ collapse caused more than $100 billion in shareholder losses at companies in its portfolio, harming investors who sold shares after their scheme collapsed, prosecutors also allege.
Hwang and Halligan have pleaded not guilty.
Assistant US Attorney Alexandra Rothman told the jury of 12 people that Hwang sought to become a Wall Street legend by pumping the value of his holdings through manipulative trading, turning Archegos into a criminal enterprise.
“Bill Hwang was a billionaire and yet he risked nearly everything because he wanted more: more money, more success, more power,” she said.
“To those in the know he was a great investor. He had it all. But it wasn’t enough,” Rothman added.
The case has been closely watched on Wall Street as a test of prosecutors’ ambitious market manipulation theory.
It is expected to shed light on the inner workings of banks’ dealings with profitable but risky clients.
Hwang’s attorney Barry Berke told jurors that his client staked his own cash on companies he believed in deeply, trading like he was prepared to lose it all.
“The reason he did it was because he had the courage of his convictions,” Berke said.
Halligan’s attorney Mary Mulligan said her client was not a risk taker, but a bean counter who saw the firm’s financial position as solid.
The banks Archegos traded with knew the risks and kept trading with the firm anyway to chase profits, Mulligan said.
Testimony in the trial, which could last up to eight weeks, will center on the implosion of Hwang’s lightly regulated family investment office Archegos, which prosecutors allege caused more than $100 billion in shareholder losses at companies in its portfolio.
The case is one of several brought by US Attorney Damian Williams alleging wrongdoing by powerful investors amid the wild market swings that occurred during the COVID-19 pandemic.
Prosecutors accuse Hwang of using financial contracts known as total return swaps to secretly amass outsize stakes in multiple companies without actually holding their stock.
His positions were so large they eclipsed that of the companies’ largest investors, driving up stock prices, prosecutors say. At its peak, they say, Archegos had $36 billion in assets and $160 billion of exposure to equities.
Falling stock prices in March 2021 triggered margin calls that Archegos was unable to meet. That, in turn, led some banks to dump the stocks backing his swaps, causing billions in combined losses for Archegos and banks including Morgan Stanley, Credit Suisse, now part of UBS, and Nomura Holdings.
Hwang and Halligan are charged with racketeering conspiracy. Hwang faces an additional 10 counts of fraud and market manipulation, and Halligan an additional two counts of fraud. Each count carries a maximum potential sentence of 20 years.
Hwang’s lawyers have described the case as the “most aggressive open market manipulation case ever” brought by prosecutors. Several attorneys told Reuters it may be a tough case for the government.
Archegos head trader William Tomita and Chief Risk Officer Scott Becker have pleaded guilty to related charges and are expected to testify at the trial. Some bank executives may also appear on the witness stand.
An Irish politician who was detained in Egypt trying to cross into Gaza says the police were violent towards the group after seizing his phone.
People Before Profit-Solidarity TD (MP) Paul Murphy was part of a large demonstration attempting to march to the Rafah crossing in a bid to get aid into the region.
The opposition politician said his phone and passport were confiscated on Friday before he was put on a bus to Cairo airport for deportation.
Footage of the seconds before his phone was seized shows authorities forcibly dragging protesters away from the sit-down demonstration.
Ireland’s deputy premier said several Irish citizens who were detained have now been released. Mr Murphy confirmed he was among the released protesters, posting a photo on his Facebook page saying he was back in Cairo and “meeting shortly to decide next steps”.
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In a message from Mr Murphy after he was detained, posted online by his social media team, he said: “I’m ok, but they still have my phone.
“Egyptian police say we’re going to airport but this isn’t the road we came on because there are 1000s of marchers on the streets. They’re taking us south past a lake, then west towards Cairo.
“Violence got worse after they seized my phone.
“One American woman in my group was badly kicked & beaten, and had her hijab torn off.”
Sky News has contacted Egypt’s police regarding Mr Murphy’s claims of violence towards the group.
Mr Murphy previously said other Irish citizen were among those who had been stopped from entering Gaza.
“The world has watched a horrific genocide for the past 20 months. Since March, a total attempt of starvation,” he added.
“And that this is a peaceful march to demand that it be ended and demand that western governments stop their complicity.”
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Mr Murphy’s partner, Councillor Jess Spear, had previously appealed to Ireland’s Foreign Affairs Minister and deputy premier Simon Harris to make a public statement on Mr Murphy’s detention.
She expressed “relief” that the group had been released from detention.
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The deadly road to Gaza aid point
She said: “However, they still want to reach Rafah to try and get humanitarian aid into Gaza. That has been the sole purpose of being in Egypt.
“Paul has appealed to Tanaiste Simon Harris to put pressure on the Egyptian authorities to let the marchers reach Rafah. The situation of the people of Gaza worsens by the day as they suffer starvation imposed by Israel.”
Mitsubishi is partnering with Ample and Yamoto Transports to deploy an innovative new battery swap network for electric cars in its Japanese home market — but it’s not just for electric cars. Mitsubishi Fuso commercial trucks are getting in on the action, too!
Despite a number of early EV adopters with an overdeveloped concept of ownership, battery swap technology has proven to be both extremely effective and extremely positive to the overall EV ownership experience. And when you see how simple it is to add hundreds of miles of driving in just 100 seconds — quicker, in many cases, than pumping a tank of liquid fuel into an ICE-powered car — you might come around, yourself.
That seems to be what Mitsubishi thinks, anyway, and they’re hoping they’ll be your go-to choice when it’s time to electrify your regional and last-mile commercial delivery fleet(s) by launching a multi-year pilot program to deploy more than 150 battery-swappable commercial electric vehicles and 14 modular battery swapping stations across Tokyo, where the company plans to showcase its “five minute charging” tech in full view of hundreds of commercial fleets and, crucially, the executives of the companies that own and manage them.
How battery swap works for electric trucks; via Mitsubishi Fuso.
A truck like the Mitsubishi eCanter typically requires a full night of AC charging to top off its batteries, and at least an hour or two on DC charging in Japan, according to Fuso. This joint pilot by Mitsubishi, Mitsubishi Fuso Trucks, and Ample aims to circumvent this issue of forced downtime with its swappable batteries, supporting vehicle uptime by delivering a full charge within minutes. The move is meant to encourage the transport industry’s EV shift while creating a depository of stored energy that can be deployed to the grid in the event of a natural disaster — something Mitsubishi in Japan has been working on for years.
The pilot is backed by Tokyo Metropolitan Government’s “Technology Development Support Project for Promoting New Energy,” with local delivery operator Yamato Transport testing swappable EVs for delivery operations on both its eCanter light-duty trucks and Mitsubishi Minicab kei-class electric vans.
Electrek’s Take
Fuso eCanter battery swap; via Mitsubishi.
Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and eliminating the corporate fear of EV charging in the wild just makes it an even better product for that purpose.
Here’s hoping we see more “right size” electric solutions like this one (and more battery swapping tech) in small towns and tight urban environments stateside somewhat sooner than later.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. The best part? No one will call you until after you’ve elected to move forward. Get started, hassle-free, by clicking here.
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They were “waxed” and “spanked” in Game 3 of the Stanley Cup Final by the Florida Panthers, when they lost 6-1. They “put us on our heels early and we were lollygagging around” in the first period of Game 4, when Florida built a 3-0 lead and chased starting goaltender Stuart Skinner for the second straight game.
“It’s certainly not the time to lollygag around, right?” Draisaitl asked rhetorically.
Indeed, it is not, which might be why Draisaitl didn’t let the Oilers linger in overtime too long before ending Game 4 with his 11th goal of the playoffs — shoving the puck towards the Panthers’ net, having it deflect off defenseman Niko Mikkola and behind Sergei Bobrovsky at 11:18. Edmonton won 5-4, tied the series at 2-2 and completely flushed any lingering embarrassment over that Game 3 “spanking.”
In the process, Draisaitl continued to rewrite the NHL record books and loudly stated his case as the Stanley Cup playoffs’ most valuable player.
As of Friday morning, Draisaitl had the second-best odds at winning the Conn Smythe Trophy, according to ESPN BET (+225), trailing Florida center Sam Bennett (+140) and ahead of teammate Connor McDavid (+260), who won the award in a losing effort last season.
Oilers defenseman Jake Walman believes that it’s not just Draisaitl’s scoring but his all-around game that’s what makes him such a driving force for the Oilers.
“He’s a beast who can do it all for us,” Walman said. “There have been stretches in this postseason when he’s played great defensively too.”
Edmonton has a plus-4 in goal differential with Draisaitl on the ice in the postseason.
“It’s incredible. He’s a horse out there for us,” said forward Ryan Nugent-Hopkins, who has played with Draisaitl since the 29-year-old center was drafted third overall in 2014 by Edmonton. “We can always lean on him. He always finds a way to get those big [goals].”
The numbers make that statement undeniable. Draisaitl’s Game 4 winner was his fourth overtime goal of this postseason, setting a new single playoff year record in the NHL. Incredibly, Draisaitl also holds the single-season record for overtime goals in the regular season (six), which he also set this season.
Draisaitl is just the fifth player in NHL history to score multiple overtime goals in a Stanley Cup Final series. Maurice Richard holds the record with three OT goals.
“He’s one of the best players in the world for a reason. He not only says what he’s going to do, he backs it up with his play and his actions. That’s what makes him an amazing leader,” Oilers defenseman Darnell Nurse said. “We get into overtime. In those tense moments, he has an ability to relax and just make plays. He gets rewarded for working hard.”
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Leon Draisaitl scores OT winner for Oilers in Game 4
Leon Draisaitl notches the game-winning goal with this one-handed effort in a pulsating Game 4 that levels the series for Oilers.
Draisaitl has been perhaps the NHL’s most dominant player when factoring in the regular season with the postseason. The Oilers star finished a close second to Winnipeg Jets goalie Connor Hellebuyck in the voting for the Hart Trophy as league MVP, after a season in which Draisaitl led the NHL in goals (52) and was third overall in points (106). Draisaitl was the winner of the Hart in 2019-20, and this was the fourth season of 50 or more goals in Draisaitl’s 11-year NHL career.
Draisaitl is now second to Sam Bennett (14 goals) in postseason goals, after scoring his 11th in overtime of Game 4. He’s now tied with teammate Connor McDavid with 32 points in 20 playoff games to lead all scorers.
He has now reached 30 points in two straight postseasons, becoming only the fifth player in NHL history to accomplish that feat, along with McDavid (2024-2025), Nikita Kucherov (2020-2021), Mario Lemieux (1991-1992) and Wayne Gretzky (1987-1988 and 1983-1985). Draisaitl now has three 30-point playoff seasons in his career, tying him with McDavid and Hockey Hall of Famer Mark Messier for second all-time behind all-time leader Gretzky, who had six 30-point playoff campaigns.
It’s not just the amount of scoring for Draisaitl — it’s when he’s scoring. Consider that he has 16 points in the final two rounds of the playoffs, including a series-best seven points in the Stanley Cup Final. Draisaitl has points in 17 of 20 playoff games, and nine of his past 10 overall.
“He’s as clutch as it gets,” said goalie Calvin Pickard, also a Game 4 hero for Edmonton with 22 saves and a win in relief of Skinner. “He’s been playing great. Always scoring big goals at big times.”
In the case of his Game 4 performance, Draisaitl not only came through in the clutch but also did in a building that hasn’t been friendly to him. He hadn’t tallied a point in any of his previous five Stanley Cup Final games on the road against the Panthers. He didn’t even generate a shot on goal in Game 7 last season or in Game 3 this postseason. He also failed to generate a shot attempt in Game 3, marking just the second time in 93 career playoff games that this occurred for Draisaitl.
On Thursday, he made up for lost time with three points, assisting on goals by Nugent-Hopkins and Vasily Podkolzin before scoring one of his own in overtime.
Florida coach Paul Maurice believes his team has defended Draisaitl and McDavid “reasonably well” in the series at 5-on-5.
“I think they’re still going to generate some action,” the coach said. “I think the even-strength chances are pretty tight through four games.”
One of the differences for Edmonton this postseason, after losing to Florida in Game 7 of the Stanley Cup Final in 2024, is their confidence and comfort in playing in tight games and grinding series. If they get down, they don’t get flustered. If things aren’t clicking offensively, they’re patient.
“You just get comfortable in those situations knowing that you play one good game, you find a way to get a win on the road, and you go home and the series is tied. That’s really all it is,” Draisaitl said before Game 4. “Sometimes those games where you just get waxed a little bit, they’re almost easier to get out of, right? We didn’t play our best. They played their best. We weren’t even close to bringing our best. You park that, you move on.”
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Draisaitl comes up big with OT winner in Game 1
Leon Draisaitl nets the winning goal late in overtime to help the Oilers take Game 1 of the Stanley Cup Final.
For all the message-sending that the Panthers did in Game 3 — on the scoreboard, on the ice and with their mouths — the Oilers sent an important one about their resiliency with their Game 4 rally.
“It tells you that our group never quits. We believe that no matter how bad it is, if we get over that hump of adversity, we’re going to keep pushing, we’re going to keep coming, and eventually it’ll break,” Draisaitl said. “You don’t want to be in these situations too many times. But when they happen, I think we’re great at it.”
It helps to have someone like Leon Draisaitl scoring when it matters most.
“I don’t know what could convey what he means to our team,” Edmonton coach Kris Knoblauch said. “The leadership, the play. He has just elevated his game in the toughest moments.”