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The company, which operates the crypto exchange of the same name, recently ran into troubles that have resulted in it filing for bankruptcy. This saw former CEO Sam Bankman-Fried step down as John Ray III takes the reigns.
John Ray III, who handled Enron after its massive fiasco, said the situation at FTX is even worse. Here’s a statement he made to the Associated Press about the situation.
“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. 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.”
Let’s go over who John Ray III is and what his joining FTX means.
Investors looking for more recent market news will want to stick around!
We’ve got all the latest market news for Friday! Among that is what’s happening with Solana (SOL-USD), Mullen Automotive (NASDAQ:MULN) stock, and Ticketmaster. You can find all of this news at the following links!
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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