Who is John J. Ray III the new CEO of FTX

John Jay Ray III is an attorney who specializes on distressed corporate restructuring. He helped to manage the fallout from some the largest corporate failures of history, including the collapse and subsequent accounting scandal at Enron in 2001.

Mr. RayAfter Sam Bankman Fried, the CEO of FTX, resigned last month, 63 took over the collapsed cryptocurrency exchange FTX. Mr. Bankman Fried has been arrestedOn Monday, US prosecutors brought criminal charges against the Bahamas. Tuesday saw the Securities and Exchange Commission bring forth criminal charges. accuse himWith misleading large investors.

Mr. Bankman Fried was scheduled to testify Tuesday before a House Financial Services Committee, in a hearing focusing on the collapse FTX. He is not present, but Mr. Ray. He is scheduled to testify at the hearing, which began at 10 am

In statementRay spoke out about the commission and said that he had not seen “such an utter failure of corporate controls at all levels of the organization”.

Ray stated that FTX was being managed by “a very small number of inexperienced and inexperienced people.” He listed a variety of “unacceptable management techniques”, including unreliable financial reports and “absence independent governance” between FTX. Alameda ResearchA hedge fund that Mr. Fred Bankman owns.

Mr. Ray stated that FTX used software in order to “hide client funds misuse” and gained access via insecure mass email to sensitive data.

Ray was involved in numerous other high-profile corporate restructuring initiatives, including those of Residential Capital mortgage lender and Fruit of the Loom underwear manufacturer. He is best remembered for his role as CEO at Enron in its bankruptcy and the recovery of more than $828million to creditors.

Since Mr. Ray took the helm at FTX, he said his team has secured about $740 million worth of cryptocurrency from portions of its business — an amount he described as a “fraction” of what he hopes to recover. The company is now $8 billion indebted to its clients due to a run on deposits at FTX.

Mr. Ray, along with the rest of FTX’s new leadership, distanced themselves from Mr. Bankman Fried. They stated in bankruptcy court that Mr. Bankman Fried “does not work for or speak on behalf of debtors.”