https://www.abc.net.au/news/2022-11-18/ftx-bankruptcy-report-sam-bankman-fried/101671884
The man appointed to administer FTX in chapter 11 bankruptcy has told a US court he is confronting an “unprecedented situation”, with a total failure of corporate governance and lack of reliable financial information.
Key points:
FTX’s administrator told a US court he had never seen “such a complete failure of corporate controls”
John J. Ray III said most of the group’s accounts were unaudited and some subsidiaries did not have financial accounts at all
He said a “substantial portion” of the estate’s property may be missing or stolen
In a 40-year career in corporate restructuring and administration, John J. Ray III has previously overseen some of the highest profile US corporate collapses, notably of energy giant Enron.
“Nearly every situation in which I have been involved has been characterised by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity,” he told the Bankruptcy Court for the District of Delaware in a legal filing.
They can look at the Democrat bank that folded and see the same.
And every major city’s books in the USA.