John Ray III, an attorney and current CEO of FTX—the disgraced cryptocurrency company founded by Sam Bankman-Fried—is earning $1,300 per hour in his current position and is paying three additional executives $975 per hour each.
The former CEO of cryptocurrency firm FTX, Sam Bankman-Fried, has been arrested by authorities in the Bahamas on charges of fraud. The arrest comes after the company filed for bankruptcy last month after it was discovered that it was interconnected with sister firm Alameda Research. Both companies were controlled by Bankman-Fried and a group of amateur executives working from a penthouse on the island.
John Ray III, a lawyer currently overseeing the bankruptcy proceedings of FTX, is earning $1,300 per hour in his position, according to court documents. He is also paying three additional executives $975 per hour each. Ray is a veteran lawyer who previously handled the bankruptcy of energy firm Enron. He remains an employee of Oak Hill Advisory, where he serves as a managing director.
Ray testified before the House Financial Services Committee this week, stating that he is trying to “mitigate, to the greatest extent possible, the harm suffered” by FTX customers and investors. He also repeated earlier comments that the cryptocurrency exchange was the worst failure of corporate governance he has seen in his career. Assuming he works 40 hours per week for 50 weeks, Ray is earning the equivalent of $2.6 million per year.
Bankman-Fried was charged by the Securities and Exchange Commission with fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering. He has been denied bail due to the significant flight risk he poses and could spend up to 115 years in prison if convicted on all counts.
Sources: The Daily Wire; Business Insider.
