The trial of Archegos Capital Management founder Bill Hwang began on 13 May with prosecutors telling a federal jury that the former fund manager manipulated markets and defrauded banks in the lead-up to the meltdown of his firm.

“Bill Hwang was a billionaire, but he risked nearly everything because he wanted more,” assistant US attorney Alexandra Rothman said in a Manhattan courtroom. Archegos, she said, was a “house of cards built on manipulation and lies.”