FTX and FTX Token (FTT-USD) continues to be a hot topic among traders on Friday, with John Ray III coming on as the new CEO of the crypto company.
The company, which operates the crypto exchange of the same name, recently ran into troubles that have resulted in it filing for bankruptcy. This saw former CEO Sam Bankman-Fried step down and John Ray III take the reigns.
John Ray III, who handled Enron after its massive fiasco, said the situation at FTX is even worse:
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here […] From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Let’s go over who John Ray III is and what his joining FTX means.
What to Know about FTX CEO John Ray III
- First off, John Ray III is a veteran at handling the restructuring of companies, with 40 years of experience.
- That includes taking over Enron after its failings and handling the liquidation process following its bankruptcy.
- Ray is joining FTX for similar reasons and has “promised to work with regulators to investigate FTX founder Sam Bankman-Fried.”
- John Ray III will also create accounting systems at FTX, which were missing or not up to snuff, as he sorts out the company’s holdings and value.
- Ray also serves as the principal of Ray & Counsel and is a graduate of Harvard Law School.
Investors looking for more recent market news will want to stick around!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
