John Ray, who replaced Sam Bankman-Fried as CEO of crypto platform FTX, said in a new court filing that in his decades of experience overseeing some of the biggest bankruptcies ever, he had never seen anything as bad as FTX, including a “complete failure of corporate controls.”
Ray, who once led the infamous energy firm Enron through its bankruptcy proceedings, said in a sworn declaration filed on Nov. 17 with the U.S. Bankruptcy Court for the District of Delaware and obtained by The Epoch Times that what he saw under the hood of FTX was “unprecedented.”
“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 wrote in the declaration, which was filed in support of petitions for FTX’s Chapter 11 bankruptcy….