New FTX Boss Condemns Management of the Crypto Exchange During Sam Bankman-Fried's Tenure

2022/11/17 20:28

According to Coindesk, New FTX CEO John J. Ray III issued a scathing assessment of "unprecedented" poor management practices by his predecessor, Sam Bankman-Fried, in a series of filings in a Delaware court.Ray, who has previously supervised financial scandals such as Enron, criticized poor record-keeping and a lack of experience among senior managers, as well as the use of company funds to purchase real estate in the Bahamas."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," Ray said in a court document filed on Thursday. "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."

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