Bankrupt FTX’s new CEO outlines fund abuses, untrustworthy records

Published by
Reuters UK

(Reuters) -The executive hired to steer FTX Group through bankruptcy offered his first findings of improper fund transfers and poor accounting at the collapsed crypto exchange on Thursday, describing it as a “complete failure” of controls. John Ray, who was named FTX’s chief executive after the company filed for bankruptcy on Nov. 11, said in a court filing that the lapses in oversight, security and corporate governance he identified were greater than in any other process he has managed in his 40 years as a bankruptcy specialist, including at Enron. “Never in my career have I seen such a compl…

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