New FTX CEO blasts handling of financial info as 'total failure'

Says he's never seen such a "complete failure" of corporate control

The new CEO of the collapse cryptocurrency 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 US 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. The advisers of the company, which are now overseeing the carcass of Sam Bankman-Fried’s FTX Group are struggling to locate the company’s cash and crypto, citing poor internal controls and record keeping.