The new FTX CEO, John J. Ray III, has assessed the poor management practices as “Unprecedented” claims of ex-CEO Sam Bankman-Fried in a series of Delaware court filings.
Ray, who has previously overseen financial scandals such as Enron, has criticized poor record keeping and a lack of experience among senior managers. As well as using company funds to purchase real estate in the Bahamas.
He said, “In my career It has never seen such a complete failure of corporate control and the absence of credible financial information as happened here,” he said in court documents filed on Thursday. “Since the compromised system integrity and mis-oversight abroad. to the concentration of control in the hands of inexperienced, uncomplicated, and potentially compromised individuals. This situation has never happened before.”
As Ray tries to unravel the complex mess of dozens of companies. which doesn’t seem to take into account corporate norms.
Additionally, he said, FTX “does not keep proper books and records or regulate security” for digital assets. They also use an insecure shared email account to access their private keys. And to this day it is not possible to list who works for the company as of November 11th.
Source: LINK
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