The Home Monetary Providers Committee convened a listening to as a part of its investigation of the crypto forex firm FTX, which collapsed in early November 2022. The corporate’s former CEO, Sam Bankman-Fried, was scheduled to testify however was as a substitute arrested on December 12 within the Bahamas on a number of felony counts, together with wire fraud and misuse of shoppers’ cash. John Ray, the corporate’s present CEO who took over that place in November 2022, throughout testimony at this listening to attributed the corporate’s collapse to quite a lot of causes, together with that it’s run by a bunch of individuals he referred to as “grossly inexperienced.” He added that FTX had poor report preserving practices and used the accounting software program QuickBooks, which is meant for small and medium-sized corporations. Mr. Ray has labored on the bankruptcies of a number of companies, together with defunct vitality firm Enron. shut