FTX used corporate funds to purchase employee homes, new filing shows
1–10 of 451 posts
Re: FTX used corporate funds to purchase employee homes, new filing shows
#2sigh.
a scam, through and through.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#3FTX and SBF will be the grift that keeps on grifting as more details come out. These stories will continue to drip out as the media conglomerates cash out on that ad rev. I am already starting to check out on this story due to being inundated with details on a daily basis.
“At this point, what difference does it make?” - someone famous
Re: FTX used corporate funds to purchase employee homes, new filing shows
#4The new CEO of FTX states that FTX had no accounting department. lol.
> “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.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#5Follow the links through the other article gives this:
> Bankman-Fried and FTX “management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of positions on the blockchain, the use of software to conceal the misuse of customer funds.”
https://www.cnbc.com/2022/11/17/ftx-ceo-shreds-bankman-fried...
Everything up to that last part could be chalked up to idiot savants doing their thing. But as the saying goes, the cover up is the crime.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#6Not that surprising if they had to live in the Bahamas.
Just means that they will lose their homes.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#7I would guess that the accounting firm that did the audit will be going the way of Arthur Andersen after the Enron scandal. And how many of their clients also have "interesting" financials?
Re: FTX used corporate funds to purchase employee homes, new filing shows
#8The new CEO of FTX states that FTX had no accounting department. lol. > “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.
I guess I’m not that surprised after seeing that balance sheet from FTX floating around.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#9Not that surprising if they had to live in the Bahamas. Just means that they will lose their homes.
Nah. They have already siphoned enough money through shell companies to buy many houses. International money trails are almost impossible to disentangle.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#10The new CEO of FTX states that FTX had no accounting department. lol. > “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.
This shouldn’t be surprising at all after seeing their balance sheet with round numbers like $5,000,000,000 in assets and $12,000,000,000 in liabilities. It looked like SBF made it in Excel while his LoL game was loading.