John Ray, who took over as CEO of FTX exchange amid bankruptcy proceedings, has drafted a detailed deposition to prepare for his appearance before the US House Committee on Financial Services.
In his testimony given at the Dec. 13 “FTX Collapse Inquiry, Part I” hearing, Ray reiterated several assertions made in bankruptcy court, stating that the bankruptcy collapse was in part due to “The absolute concentration of control is in the hands of a very small group of inexperienced and inexperienced individuals.” Ray, who oversaw the liquidation of energy company Enron in the early 2000s, added that FTX leadership had “almost none of the systems or controls in place” needed to protect consumer assets.
“Never in my career have I witnessed such a complete failure of corporate controls at every level of the organization, from the lack of financial statements to the complete failure of any internal control or governance,” Ray said.
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