«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 Ray wrote on Thursday in a filing to a federal bankruptcy court.
Ray, who was appointed to the top spot on the company after it filed for bankruptcy, criticized the «unprecedented» case with «compromised systems integrity and faulty regulatory oversight abroad» and «the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals.»
Ray was praised for his work on prominent bankruptcy cases, especially the now-defunct energy giant Enron in the early 2000s. Enron is now best known for the corporate fraud and corruption scandal that ultimately resulted in multiple convictions and prison sentences for its leadership.