Brian Raymond, recently named chief technology officer of AI firm Corvex, faces federal charges for illegally exporting Nvidia chips to China. Corvex initially announced Raymond in that role but later distanced itself, stating he was never hired. Legal experts question the company's conflicting statements amid a planned merger.
On November 10, 2025, Corvex, an AI cloud computing company based in Arlington, Virginia, and Movano Health announced a merger in a joint press release. The document described Corvex as "led by Seth Demsey and Jay Crystal, Co-Chief Executive Officers and Co-Founders, and Brian Raymond, Chief Technology Officer." It further stated that post-merger, the combined public company would be led by Demsey, Crystal, Raymond, and other management. SEC filings, including the merger agreement, listed Raymond as one of three post-closing officers.
Raymond, 46, from Huntsville, Alabama, also posted on LinkedIn that he had "formally joined Corvex as the CTO, driving AI at scale for customers around the world."
Just three days later, on November 13, Raymond was indicted in federal court on charges related to smuggling Nvidia GPUs to China. The US Justice Department alleges he operated an Alabama-based electronics firm to supply chips for illegal export as part of a conspiracy. He faces two counts of illegal exports, one smuggling charge, one conspiracy to commit money laundering, and seven money laundering counts, with potential sentences up to 20 years each for exports and laundering, and 10 years for smuggling. Raymond was released on bond after arrest.
Following media reports, Corvex issued a statement: "Corvex had no part in the activities cited in the Department of Justice’s indictment. The person in question is not an employee of Corvex. Previously a consultant to the company, he was transitioning into an employee role but that offer has been rescinded."
Corvex spokesperson Christopher Buscombe later told Ars Technica, “Raymond was not CTO of Corvex—so the statement above is inaccurate.” He added that Raymond was CEO of Bitworks, a different company, and requested a correction, claiming the reporting caused confusion.
Law professors offered perspectives on the discrepancies. Andrew Jennings of Emory University noted that officers can serve without being employees but called Corvex's denial of Raymond's CTO role potentially incorrect, given the filings. "I can’t imagine that there would be a press release and a merger agreement that lists him as an officer... if it weren’t the case," Jennings said.
Robert Miller of George Mason University agreed that unqualified statements about Raymond's role could be misleading omissions under Rule 10b-5, potentially leading to SEC enforcement or shareholder lawsuits. For an AI firm, the CTO's identity matters to investors voting on the merger, Jennings added.
Corvex's press release and SEC documents remain unchanged. No responses came from Corvex co-CEO Jay Crystal, Movano, or Raymond to further inquiries.