Three years ago, chaos struck Wall Street. Companies saw their share prices tumble, seemingly out of nowhere. Major banks lost billions of dollars in the fallout. Eventually, that chaos was linked to a family office, Archegos Capital Management, and its founder Bill Hwang.

This week, Hwang heads to trial in New York, where he faces charges including racketeering, and securities and wire fraud. The FT’s US legal correspondent Joe Miller examines the “novel” case prosecutors plan to pursue.

Clips from CNBC, Fox Business

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For further reading:

‘To what end?’: the murky question of Bill Hwang’s motive in Archegos trial

Archegos founder’s charity was financial ‘escape pod’, suit alleges

Hedge funds and brokers take aim at post-Archegos trading reforms

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On X, follow Joe Miller (@JoeMillerJr) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Was the Archegos implosion illegal?

Behind the Money