“"The Debtors do not have an accounting department," Ray wrote, stating he expected it would be "some time" before reliable financial statements could be prepared.”
John Ray cleaned up Enron, and he says FTX had a “complete lack of financial controls.” Company money bought Bahamas homes titled in employees’ personal names. The auditor was a firm Ray had never heard of. A company that held billions in customer deposits had no accounting department. That isn’t a startup moving fast. That’s the point.