Jhon J. Ray, the new CEO of FTX, which has filed for bankruptcy, has accused founder and former CEO Sam Bankman-Fried (SBF) of unprecedented mismanagement.
in Delawera court 17 November In the document shared on , Jhon Ray’s comments on the history of FTX were included. Ray, the senior management team your inexperience and record keeping their vulnerabilities expressed.
As he has been here throughout his career never seen another failed business Expressing that, Ray talked about the absence of reliable financial records in the company. The CEO states that a very small and inexperienced group is responsible for the system integrity at stake and that the relevant authorities, uninformed and potentially compromised stated that individuals.
Company misuse of funds using software to hide Stating that, the CEO said that FTX’s corporate assets are spent on the needs of employees and consultants without any record keeping. In addition, it was revealed as a result of the studies that the asset was transferred to the relevant personnel without keeping any records during any payment.
The new CEO, Jhon J. Ray, is expected by the court to unravel this complex structure of dozens of companies built without regard to corporate norms.