John J. Ray III oversaw the liquidation of Enron after its historic collapse. Now he has another mess on his hands.
laid bare a stunning list of allegations against the company’s former leadership on Thursday, slamming non-existent oversight and the misuse of client funds as they struggle to locate billions of dollars in missing assets.
The documents depict a freewheeling crypto enterprise devoid of virtually every policy and practice that would be the norm for almost all other corporations. What’s more, they’ll likely help fuel any criminal and regulatory action against Bankman-Fried, with FTX already facing a probe by US prosecutors.The slipshod record keeping and lack of organisation will make it even more challenging for scores of FTX advisers working around the clock to recover billions of dollars customers are owed.
The company’s record keeping was so lax, Ray said, that advisers “have been unable to prepare a complete list of who worked for the FTX Group as of the petition date, or the terms of their employment.”
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