NATIONAL NEWS

Archegos Capital founder convicted of securities fraud

Jul 10, 2024, 2:01 PM | Updated: 3:08 pm

NEW YORK (AP) — The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was convicted Wednesday of securities fraud in a scheme that prosecutors said cost global investment banks billions of dollars.

Bill Hwang looked straight ahead as the verdict was read, taking several sips of water as the jury convicted him of 10 criminal counts. He was acquitted of one market manipulation charge.

Federal prosecutors in New York said Hwang and his co-conspirators artificially inflated the values of nearly a dozen stocks before the investments collapsed, wiping out $100 billion in market value along with the company he created.

Hwang’s lawyer had argued that his client was an honest investor who put money into stocks he believed in.

National News

Smoke from a forest fire rises above the trees in Evesham,N.J. on Thursday, Nov. 7, 2024, when fire...

Associated Press

Record-setting dry conditions threaten more US wildfires, drinking water supplies

BRICK, N.J. (AP) — Record-setting dry conditions in some parts of the U.S. are raising fears of new wildfires and also could threaten drinking water supplies if substantial rain does not fall in the coming months. Firefighters battled wildfires from California to New York on Wednesday, hampered by high winds and arid landscapes. “Please take […]

22 minutes ago

FILE - A police crime scene tape is seen at the entrance to Covenant School in Nashville, Tenn., Ma...

Associated Press

Agents search home of ex-lieutenant facing scrutiny as police probe leak of school shooting evidence

NASHVILLE, Tenn. (AP) — Tennessee’s criminal investigative agency has searched the home of a former Nashville police lieutenant who has faced scrutiny from his old department in an ongoing investigation of leaked evidence from a deadly school shooting, authorities have confirmed. Tennessee Bureau of Investigation spokesperson Josh DeVine confirmed Tuesday that the search warrant was […]

28 minutes ago

Associated Press

Suspect in deadly 2023 Atlanta shooting is deemed not competent to stand trial

ATLANTA (AP) — The man charged with murder in a 2023 shooting in Atlanta that claimed the life of one woman and left four others wounded is not competent to stand trial, a judge has ruled. A Fulton County judge ruled Tuesday that Deion Patterson is not capable of understanding the charges against him or […]

43 minutes ago

Associated Press

Larry Hobbs, who guided AP’s coverage of Florida news for decades, has died at 83

ORLANDO, Fla. (AP) — Robert Larry Hobbs, an Associated Press editor who guided coverage of Florida news for more than three decades with unflappable calm and gentle counsel, has died. He was 83. Hobbs, who went by “Larry,” died Tuesday night in his sleep of natural causes at a hospital in Miami, said his nephew, […]

1 hour ago

FILE - A selection of Sig Sauer pistols are displayed at the Kittery Trading Post, Aug. 9, 2024, in...

Associated Press

Gun groups sue to overturn Maine’s new three-day waiting period to buy firearms

PORTLAND, Maine (AP) — A coalition of gun groups has filed a lawsuit claiming that Maine’s new 72-hour waiting period for firearms purchases is unconstitutional and seeking an injunction stopping its enforcement pending the outcome of the case. The lawsuit filed on behalf of five individuals contends that it’s illegal to require someone who passed […]

1 hour ago

FILE - The Supreme Court building is seen, June 28, 2024, in Washington. (AP Photo/Mark Schiefelbei...

Associated Press

Supreme Court seems likely to allow class action to proceed against tech company Nvidia

WASHINGTON (AP) — The Supreme Court on Wednesday seemed likely to keep alive a class-action lawsuit accusing Nvidia of misleading investors about its dependence on selling computer chips for the mining of volatile cryptocurrency. The justices heard arguments in the tech company’s appeal of a lower-court ruling allowing a 2018 suit led by a Swedish […]

1 hour ago

Archegos Capital founder convicted of securities fraud