Rhoades DOJ Investigation

Lore & Background

The investigation is notable for its psychological warfare. Chuck recuses himself from the investigation to appease Wendy, giving the case to his point man Bryan Connerty, though Chuck insists on being informed of progress. Connerty flips one of Axelrod's traders, Donnie Caan, though it is later revealed that Donnie had been diagnosed with a terminal illness and Axelrod used him to feed the FBI information he wouldn't live to testify for. In the wake of this failure, the Attorney General requests that the investigation into Axelrod end. Wendy leaves Chuck after he breaches her session notes for proof of Axelrod's illegalities; she also leaves Axe Capital, unable to work at a firm that engages in such practices.

In Their Own Story

The fluorescent lights of the federal courthouse hummed with a sterile intensity that made Bobby's skin crawl. He sat across from Chuck, the air thick with unspoken history and the scent of old paper and fresh coffee. There were no more grand gestures or public declarations; just the quiet, terrifying reality of a trial date set in stone. Chuck didn't smile as he slid a folder across the table, his eyes dead calm. 'It's over, Bobby,' he whispered, the words cutting deeper than any shouting match ever could. For the first time, the King of Wall Street felt the cold floor of prison beneath his feet.

Reader's Guide

The arc begins with Chuck Rhoades receiving a tip that Axelrod has traded on insider information. Chuck's inner circle consists of his wife, performance coach Wendy, and Michael "Wags" Wagner. Chuck begins an investigation into the firm and arrests one of Axelrod's top confidantes, Dollar Bill. Wendy attempts to negotiate an armistice between Chuck and Axelrod via a settlement; though both parties agree to the terms, Chuck sabotages the deal at the last moment to spite Axelrod. A major turning point occurs when Chuck recuses himself from the investigation and gives the case to Bryan Connerty. Connerty flips Donnie Caan, though it is later revealed that Donnie had been diagnosed with a terminal illness and Axelrod used him to feed the FBI information he wouldn't live to testify for. The Attorney General requests that the investigation into Axelrod end. The resolution arrives when an investigation into Chuck's office is opened, led by Oliver Dake. Axelrod orchestrates a class action lawsuit against Chuck. With the Attorney General prepared to fire him, Chuck announces an investigation into Spartan Ives CEO Lawrence Boyd in a last ditch effort to save his position. Wendy agrees to return to Axe Capital if Axelrod drops the lawsuits against Chuck. Axelrod agrees and Wendy returns to the firm; she also reunites with her husband while Axelrod's own marriage crumbles. Chuck arrests Boyd and gets him to agree to a hefty settlement, resulting in Chuck's elevated status and the end of the investigation into his office.

Did You Know?

• Chuck Rhoades is based on Preet Bharara, the United States Attorney for the Southern District of New York in Manhattan from 2009 to 2017.
• The series was inspired by real-life federal prosecutions of financial crime.
• Bharara's 2013 prosecution of hedge fund manager Steven A. Cohen of S.A.C. Capital Advisors loosely influenced the first season.
• Salomon Brothers' 1991 manipulation of U.S. Treasury bonds inspired the second season.
• Chuck recused himself from the investigation and gave the case to his point man Bryan Connerty to appease his wife Wendy.