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New York
CNN Business
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A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron.
“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,” FTX’s new CEO, John J. Ray III, wrote in a court filing Thursday. He previously oversaw Enron’s liquidation in the 2000s, among other bankruptcy cases.
Now, Ray is overseeing an “unprecedented” mess, by his own account, in the collapse of the crypto exchange, its sister hedge fund Alameda and dozens of affiliated entities. Ray, a restructuring specialist, took over as CEO from Bankman-Fried nearly a week ago, when the group filed for Chapter 11.
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