(Opinion) Former billionaire Bill Hwang, dubbed “Wall Street’s Most Famous Evangelical” by Christianity Today, was sentenced to 18 years in prison last month for massive fraud and manipulation that led to an estimated $10 billion in losses for several Wall Street banks. A well-known figure in Christian circles due largely to his philanthropic efforts, Hwang’s trial was followed closely by many who had been recipients of his charitable works through the years.
But one woman watching his trial from afar viewed the sentencing as poetic justice.
“Bill Hwang funded a campaign that nearly killed us,” Lori Anne Thompson told me when the sentencing was announced. “That was the goal, and they nearly succeeded.”
But today, Thompson is thriving and resilient; Hwang is in federal prison after Judge Alvin Hellerstein said that “The sentence has to reflect the seriousness of the event.”
In 2017, when Thompson confronted renowned Christian apologist Ravi Zacharias over his grooming and sexual abuse, Zacharias’s response was to file a RICO (Racketeer Influenced and Corrupt Organizations Act) lawsuit against Lori Anne and her husband, Brad.
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In a staff meeting at Ravi Zacharias International Ministries (RZIM) during that time, Zacharias boasted that he had “a donor with deep pockets who’ll fund it as long as it takes to silence the Thompsons,” a Canadian couple he portrayed as “extortionists,” “con artists,” and worse.
Zacharias later told some of us on RZIM’s crisis task force that the donor with deep pockets funding his RICO was Bill Hwang. “He’s fully committed to helping us see this through,” Zacharias said.
Later, we learned Thompson was the victim and Zacharias was a cunning sexual predator, exploiting not just Thompson but other women around the world. We also now know that Hwang’s funding was yet another instance where the system at RZIM used big money and “creative” accounting tactics to conceal and enable Zacharias’s abusive behavior.
In 2022, Hwang was arrested by the U.S. Department of Justice for fraud and racketeering. And prosecutors included RICO charges, alleging that Hwang’s family office, Archegos, acted as a criminal enterprise.
The implosion of Archegos—a Greek name which means “chief leader” and is used to describe Jesus Christ—contributed to the eventual collapse of Credit Suisse, which lost $5.5 billion. More than $100 billion of market value in Hwang’s stocks was wiped out.
“It’s astonishing and still continues to boggle my mind that Zacharias used an actual criminal to fund his campaign to destroy us,” reflected Thompson last week. “It’s such an example of Romans 2:1 – be careful of what you accuse others of doing, because you yourself are doing the same thing.”
Hwang, who was appointed a board member of RZIM in 2019, was a featured speaker at ministry events alongside Zacharias, including the annual Founders Weekend. He was platformed after he had already been fined $44 Million by the Securities and Exchange Commission (SEC) in 2012 for insider trading with Tiger Asia Management. Hwang had also been barred from securities trading and giving investment advice.
In 2017, during the very days we were firing up the public relations machine as news of Zacharias’s abuse allegations began to crescendo, Hwang was invited to speak at RZIM’s Business Leaders Conference, which focused on themes of virtue and integrity.
Psychologist Warren Throckmorton and others pointed out the irony of this invitation at the time, and I and another colleague raised concerns with senior leadership—but to no avail. Rather, we were chastised for even asking questions about someone portrayed as a “dear friend” of Zacharias.
“We needed to be platforming exemplars in fiduciary responsibility, godly business leaders who were successful, yes, but who could endure scrutiny,” a former RZIM staff member reflected recently, describing how she “pleaded” with RZIM executives to reconsider their platforming of Hwang.
“Yet again, I was told that I didn’t understand, I was mistaken, I was dramatic, and my worry about reputational risk was stupid.”
At the time, Zacharias himself made light of charges against Hwang and the staggering fines he was forced to pay the SEC.
“I asked Bill, ‘Is it true that you were fined $22 million by the SEC?’ and he said, ‘No.’ I was relieved. He then told me with a chuckle, ‘I was fined $44 million!’” Zacharias gleefully recounted to a group of staff whose reactions ranged from amusement to bewilderment.
“The whole of Christendom suffers when we platform deep pockets that contribute to the ‘bigger is better’ ethos of Christianity without caring about one’s character and integrity,” reflected former RZIM board member Stacy Kassulke. “We are prone to ignore the harm that we can see by connecting the dots when it doesn’t serve the organization in the moment.”
Indeed, it seems we have supported triumphalism and been blind to mendaciousness when it fits the narrative of success for us Christians.
There isn’t much laughter or triumphalism with last month’s developments. Instead, there is much beneath the surface and much for us all to lament as we reflect on how one man’s actions contributed to the collapse of a global investment bank, a global ministry, and nearly, an innocent couple in Canada.
Not only did Hwang commit federal crimes, he also participated in the systemic coverup of someone else’s wrongdoing. And while a secular federal agency is holding him accountable for the former—defrauding big banks, there has been no accountability or apology for the latter—when he used his money to prop up an abuser and further harm those already victimized in horrific ways.
Hwang’s actions caused concentric circles of loss and destruction, and there are still elements to be determined in the court of law—including the restitution he may be ordered to pay victims. Whether he embarks on a journey of true repentance remains to be seen.
For now though, Hwang’s conviction and sentencing brought another layer of clarity—and serves as a further reminder of justice—for Lori Anne Thompson.
“It’s astonishing,” she said when first reacting to the verdict.
“Justice has a long reach. It’s patient. It lies in wait. It moves and brews until it appears into the public sphere. When truth triumphs, it is spectacular.”
This opinion commentary does not necessarily reflect the views of The Roys Report.
Ruth Malhotra is passionate about helping Christians communicate truth with clarity and grace. She managed public relations at Ravi Zacharias International Ministries from 2013–2021. She currently serves on the board of The Roys Report.
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38 Responses
What was our alternative? A candidate that celebrated the killing of unborn babies, sexual sin, and gender dysphoria? Lied repeatedly about the fitness of her President? Carried the torch of said President avoiding a primary? Lied repeatedly about the security of our borders? The party that has more empathy for criminals than their victims? That believes every white person is racist? That wants God and Christianity out of the public sphere but embraces Islam?
Not as simple as you make it out to be.
Yes, it is quite simple. Our identity is in Christ and Christ ALONE. It is not in a political philosophy or the leader of a large Christian organization or in our own personal success. Christ ALONE!!
AMEN!! For the believers in Jesus Christ of Nazareth – it is CHRIST ALONE!
Yes, my identity is in Christ alone.
Unfortunately, I had to choose between two deeply flawed sinners, or not cast a vote for President.
That’s my point which seems to have been missed.
Suppose Israel had an election in which the candidates were Ahab and Jezebel; which would have gotten an endorsement from the Prophet Elijah?
That Christians shouldn’t have voted for Harris doesn’t mean they should have voted for Trump. If you believe God is sovereign you avoid supporting evil on either side. You don’t help God out by backing a different sort of evil.
I think backing Trump will ultimately be catastrophic for the evangelical church. I think Gods judgment on the church for hopping in bed with that spawn of Satan will be severe. Doesn’t mean I voted for Harris. It means I stayed home and trusted God for the outcome.
What the Evangelical Church has displayed has certainly been catastrophic for my family. Three loved ones have turned away disgusted by what they see. Other family members have just become more convinced that they want nothing to do with the church. 2016 started a nightmare for me. I can’t just blame Donald Trump but I do hold responsible those who profess to be believers and yet line up behind him.
I continue to hope that by recognizing evil when they see it, the true righteousness and goodness of God will shine through the darkness.
Tricia Russell,
I am so sorry some of your family has turned away from the church. Unfortunately, I find many people are simply looking for any excuse to turn away from the church, don’t you? If not Trump, then someone or something else is often used. Sadly, people who reject God are without excuse. They most definitely cannot blame other Christians or Trump for their rejection.
Romans 1:20:
“For since the creation of the world God’s invisible qualities—his eternal power and divine nature—have been clearly seen, being understood from what has been made, so that people are without excuse.”
Bless the Lord! We always have options! I opted out of voting for either candidates. The lesser of two evils – is still evil!! May God help His Church!!!
Belinda Hood:
As Christians, we are called to act. Throughout the Bible, God worked consistently with evil people. If He’d had your attitude, He would never have acted at all. Think about it…No escape from Egypt because Moses was evil; no slaying of Goliath because David was evil; no 12 tribes of Israel because Jacob was evil…
You let others act while you stayed home? Then, perhaps, you do not belong here and you do not know that all of us are evil, but God can work through anyone. He even whistled for the Assyrians to do his bidding.
Belinda –
What did Trump do his first time that was bad for this country or it’s citizens?
Kathleen Zielinski:
Your words: “It means I stayed home and trusted God for the outcome.”
There wouldn’t have been ANY outcome if everyone had followed your lead. Be advised that God works through people who act, not people who sit home and do nothing at all.
I find your attitude extremely troubling. This is a Republic, and we need to vote in order to secure it. God works through imperfect sinners every time, so sitting at home and “trusting God for the outcome” is not unlike the one who buried his talent out of fear and it was given away to others.
We must act. God is a God of ACTION. We take a leap of faith, but we definitely take that leap. We don’t sit at the edge of a cliff and hope for the best. We take a jump and God carries us on His wings.
The outcome will be in the hands of voters, not people who think God will do everything Himself.
“What was our alternative?”
There was this little thing called the party primaries, where we had plenty of opportunity to bring an alternative choice to the general election. But evangelicals seemed to vote for DJT in a gung-ho manner there as well.
Our Savior’s kingdom is not of this world. Have you ever heard of the Jones Plantation. Larkin Rose has a video on YT on the subject.
As the first non-off-topic commenter, I just need to say: Lori’s right—again! = Poetic justice, indeed!
The way carnal, unregenerate people (like Hwang?) understand the meaning of “leader” today contrasts sharply with the words of Jesus in Matthew 20:25-28 (echoed in 1 Peter 5:3).
Jesus says do NOT be like the pagans who like to “lord it over” others i.e engage in hierarchical power and control and oppressive domination.
So in Acts 3:15, Hebrews 2:8-9, the word ἀρχηγὸν/”archegos” (sometimes translated in Bible versions as “author” or “captain”) does NOT mean “chief leader”. Please correct this. It’s important.
It means “pioneer, model, trailblazer, guide”.
It denotes one who begins something so that others may enter in and continue.
Jesus is also referred to as the “forerunner” in Hebrews 6:20. Compare that to 1 Peter 2:21 (that he is “an example” and we are to “follow in his steps”).
The implication of both words is the same.
What I say “Wow’ to is that fact that in such a short post you managed to:
Denegrate something you label as “White American evangelicalism.”
Denegrate Trump without mentioning his name and also denegrate the people who voted for him.
In an article that has nothing to do with either one. Hwang isn’t white and neither is Zacharias. But don’t let that stop you from using them as a platform to poke sticks at your favorite victims.
If you are in favor of voting for Democrats then something is severely wrong with your spiritual worldview. You can’t support amoral condidates and serve God at the same time. That is impossible. At the very least, when you use the terms “White American evangelicalism” you reveal yourself as a bigger racist than the people you label. Not to mention the term is meaningless. Big Eva is the problem, not somekind of non-existant “whiteness.”
“You can’t support amoral condidates (sic) and serve God at the same time.” That is the perfect argument for voting against Trump.
Then don’t vote for anybody. Politics is the supporting the better of 2 imperfect choices. Since Harris strongly supports torturing live, feeling babies up to the moment of birth (watch “silent scream” and explain how abortion is not murder), in this imperfect world we can still avoid voting for people who are monsters. Just why did we prosecute the Nazis anyway? If anyone does not think the nation is under a harsh pending judgement for infanticide then I suppose God should have gone along with the worship of Molech. I blame the practitioners and profiteers of this savagery much more than the vulnerable women who have to live with their awful choice…and hope they know they can find forgiveness in Christ. People even leave Planned Parenthood, ground zero of all this horror, when the malignancy of what they have done breaks through and yes, they can also repent and be forgiven by Jesus Christ. But there is no option # 2.
Really? The chances of aborting a full term baby are VERY slim. I personally do not agree with abortion but men and the state have no place in making decisions for women who are supposed to free. It wasn’t that long ago that the state gave power to husbands to allow their wife to undergo sterilization..
The farmer allowed the wheat to grow with the tares/weeds, rather than destroy the whole field. At harvest time he instructed the workers to keep the wheat and destroy the weeds.
Weeds grow in every movement, no matter how pure the followers think their worldview. In my opinion, Trump’s a big weed, Ravi was a weed, Hwang’s a weed. The time of justice is up to the farmer who can use workers to harvest anytime he chooses. Just Thankful that Lori Anne Thompson received justice in this lifetime. There are still so many who have not. Though choked, still they grow.
Aaron Davis said: “The time of justice is up to the farmer who can use workers to harvest [weeds] anytime he chooses.”
When the Farmer finds a willing worker to do some much overdue weeding of His crop – look out!
This woman’s quest for Justice just keeps getting louder: youtube.com/@ruthwise2159
If you like the way Ruth Wise is “cleaning house”, please share with others!
Trump has done bad things, just like David, Paul and Moses did listed in the Bible, but none above were bad people. Cyrus liberated Babylon under God’s direction, with knowing God.
But unlike those, Trump has said he does not need forgiveness because in his mind there is nothing that he did that required it. But then I think Trump/MAGA cultists followers Trump to be David or more likely, their true lord and savior.
You are 100% correct. The lies being told to refute your statement only clarify the truth of what you wrote.
Ah yes it’s those whities again. Never
mind Jakes, Dollar, the Nigerian missions, etc. etc. etc. Or Obama’s “pastor”. Or that senator/preacher man in Atlanta. Plenty of dirt to go around. Christ is cleaning up His Body just like Peter said He would. Not a racial issue so let’s not make it one. Racism is racism.
“Christian billionaire” is an oxymoron. One cannot serve two masters, it’s clear which master Mr Hwang served. I hope he can repent and turn while in prison.
“Christian billionaire” is NOT an oxymoron, George. You can be a billionaire and serve Christ with your money.
If, just if, you sat under a tree and reflected on the overall content and Spirit of NT scripture which conveys that Jesus, and all that he represents, is the NEW narrative for people today, then maybe you’ll recognise a number of things with one of them being that capitalism in the US is no longer an economic system, but rather an all encompassing unchristian, hence ungodly, ideology.
Ian Docker,
Why do you believe what you do about Capitalism? Perhaps from the UK?
Getting a glimpse into the minds of evangelical Trump voters stuns. The sanctimonious demonization of women’s health (killing unborn babies!!!) and full support for a convicted felon, criminally adjudicated sexual predator, serial liar, name-calling bully (we had no choice!!!), tax-evading, porn star paying, dyed-blonde, spray-tanned old rich resort guy shows how effectively the warped news media of the Right shapes the binary thinking of evangelical Christians–the largest bloc of support for the Felon.
Get yourselves educated. Realize that abortion is health care; had a D & C??–was it the one that saved your or your daughter’s life after that miscarriage?? Most of my ‘anti-abortion’ sisters-in-law who have had them won’t acknowledge that they have had an abortion–says this on the health records. That is the category of this type of health care. Know a trans person? Or do you throw your child out of the house when they are different tha you? Do they have to submit to your rules while your Hero can “do anything??” You are fighting for political views, for a pass for a criminal, not for compassion, empathy and understanding for real people.
No wonder people are repelled.
Hi Lee,
I’m very curious by what you posted,, do you consider yourself a Christian?
Although the surgical technique is the same, a D & C is not always an abortion. Please educate yourself.
Well TD Jake’s is not white nor Creflo Dollar and many others. All American Evangelicals are up for judgement. It doesn’t matter the color of your skin.
A bitter irony – I’m talking about the behavior and character of Ravi Zacharias – I used to hear him on Christian radio, he going around to university campuses as an apologist for our Christian faith – I was quite impressed by his intellectual power – but when his fall became apparent, the reputation of born-again people, and of Jesus Christ Himself, was damaged. The Bible does talk about the secret things being revealed.
Looks like Bill Hwang is the Bernie Madoff of the “Christian” financial services industry. Not surprising this fraud would help other frauds (Ravi Z).
If you read the court documents between Lori Anne Thompson and Ravi Zacharias you will see she is not the innocent victim like she tries to portray herself. She tried to blackmail Ravi with the photos she send him and asked for some millions of dollars.
I’ve read the court documents. That’s how I initially realized Ravi was lying. In them, he says he tried to block Lori Anne Thompson from sending unwanted photos via Blackberry messenger (BBM). But if you understand how BBM works, you know the only way someone can send a message via BBM is if the owner of the phone provides the person with a code.
Lori Anne and her husband, Brad, had no reason to extort money from Ravi as Ravi claimed. The Thompsons are well-to-do. The only reason they met Ravi is because Brad Thompson was the biggest donor to the Christian radio station Ravi visited. You need to do your homework and read the articles I’ve published, showing how Ravi exploited and preyed on Lori Anne.
https://julieroys.com/ravi-zacharias-sexting-predator/
https://julieroys.com/ravi-zacharias-groomed-woman/
https://julieroys.com/ravi-zacharias-extortionists-evidence-indicates-otherwise/