Bahamas Regulators Slam New FTX Chief For ‘Key Misstatements’

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Bahamas regulators currently slammed the not too long ago appointed CEO of collapsed crypto exchange FTX for making an attempt to “advance questionable agendas.” 

In a Tuesday statement sent to the press, the Securities Commission of The Bahamas mentioned John J. Ray III, identified for recovering cash for failed corporations, “made key misstatements” about his handling of the scenario. 

“Mr. Ray has not when arrived at out to the Securities Commission to talk about any of his fears prior to airing them publicly,” the assertion read, indicating his remarks “do not appear to be concerned with points but alternatively look supposed only to make headlines.”

Ray is in charge of overseeing the failed exchange’s individual bankruptcy system. Bahamas regulators claim Ray’s use of redacted email correspondence involving Bankman-Fried and Bahamian officials have been “to develop a phony impression of communications in between Mr. Bankman-Fried and the Commission.”

“Every motion taken by the Securities Commission of The Bahamas was in stringent accordance with our country’s laws and with orders built by the Supreme Court docket of The Bahamas,” the statement read. 

It included: “The Commission also finds it disturbing that, both deliberately or through ignorance, Mr. Ray’s filings and communications proceed to wrongfully confuse as a single, the actions of the Govt of The Bahamas, the Securities Commission of The Bahamas and the Court docket Appointed/Court docket Supervised Joint Provisional Liquidators.”

There are a variety of organizations at the moment conducting investigations into the collapse of FTX. In addition to individuals outlined by the Commission, the company faces scrutiny from the U.S. Justice Office, Securities and Trade Fee, and the Commodity Futures Trading Commission (CFTC).

In the course of today’s Home Monetary Expert services Committee listening to, Ray criticized FTX for enabling workforce to handle the firm’s accounting over Slack chats and in QuickBooks, a client-stage tax computer software. 

U.S. prosecutors now unsealed eight prison charges in opposition to ex-FTX CEO Sam Bankman-Fried—including revenue laundering and wire fraud. 

Bahamas cops arrested the disgraced boss on the Caribbean tax haven past evening. 

FTX was based in Bahamas—something which attorneys have explained may include complexity to the trial. 

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