Bill Hwang, the investment firm's owner, and his former chief financial officer had deliberately misled their banks, prosecutors said, so they could borrow money and place enormous bets on a handful of stocks through sophisticated securities.
As fighting rages on, the mayor of the besieged city of Mariupol, Ukraine, called on regional and local European Union leaders to help rebuild Ukrainian cities devastated by Russia's invasion once the war ends.
Ursula von der Leyen, the European Commission president, said the bloc would supply gas to Poland and Bulgaria after they were cut off by Russia's energy giant Gazprom for rejecting demands to pay for gas in rubles.
Secretary of Defense Lloyd J. Austin III and Secretary of State Antony J. Blinken spoke to reporters Monday after a trip to Ukraine. Mr. Austin said the United States hopes to see Russia's military capabilities reduced so that 'it can't do the kinds of things that it has done in invading Ukraine.'
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