![]() It’s not clear what will happen with Grace and Mercy Foundation, which helped Hwang avoid capital gains taxes and secure significant tax write-offs. Archegos is a Greek word used in the New Testament to describe Christ. ![]() Hwang was the founder of Archegos Capital Management, and his Grace and Mercy Foundation donated millions to ministries including International Justice Mission, Luis Palau Association, Prison Fellowship, Ravi Zacharias International Ministries, the King’s College, Young Life, the Navigators, InterVarsity Christian Fellowship, Cru, Youth for Christ, Focus on the Family - where he was credited as a content contributor - and Fuller Seminary, where he served as a trustee. Prosecutors said Hwang’s crime was brazen and historic, but he pleaded not guilty, and his lawyers have claimed the case “has absolutely no factual or legal basis.” A Hwang business associate was also arrested and charged Wednesday, as well as two former employees who have pleaded guilty and are cooperating with prosecutors. On Wednesday, April 27, Hwang was arrested and charged with racketeering conspiracy, securities fraud and wire fraud. ![]() Over three days, $100 billion in shareholder value disappeared, causing stocks to plummet and banks to lose more than $10 billion. ![]() Bill Hwang was hailed as part of a new evangelical donor-class for donating nearly $80 million to dozens of evangelical ministries.īut his fortune - which, it turned out, was based on lies, heavy borrowing and risky stock bets - blew up in March 2021, when he was unable to pay creditors. ![]()
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