FTX + SBF Chapter 11 (Bankruptcy) Court Filing by John J. Ray III, Nov 17, 2022 is part of
Feature Image: Midjourney AI, Prompt “Emoji Payment Chatroom”
III. ACTION TAKEN SINCE MR. BANKMAN-FRIED’S DEPARTURE
E - Disbursement Controls
62. The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise. For example, employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.
63. In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas.
64. The Debtors now are implementing a centralized disbursement approval process that reports to me as Chief Executive Officer.
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