John J. Ray III may have unwounded major corporate failures, but in over four decades of legal and restructuring experience, he claims to have never seen such “unprecedented” management failures as in the case of the bankrupt FTX cryptocurrency exchange under Sam Bankman-Fried’s tenure.
In the latest filing to federal bankruptcy court, FTX’s new chief restructuring officer said,
“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. 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.”
More Shocking Allegations Incoming
Ray also stated that the FTX Group did not keep appropriate books and records, or security controls, with respect to its digital assets. Bankman-Fried, along w
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