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New CEO of FTX John Ray III blasts its handling of financial information

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The new CEO of the collapse trading firm FTX, who oversaw Enron’s bankruptcy, said he has never seen such a complete failure of corporate control.


John Ray III, in a filing with the U.S. bankruptcy court for the district of Delaware, said there was a complete absence of trustworthy financial information.”

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.


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.”

Ray was named CEO of FTX less than a week ago when the company filed for bankruptcy protection and its CEO and founder Sam Bankman-Fried resigned.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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