Customer funds co-mingled with company funds, no board meetings, no cash management, no employee records, no expense management, etc etc etc etc etc
1. Employees submitted expense reimbursements over chat
A random manager would accept or reject those reimbursements with an EMOJI pic.twitter.com/0QleAfBB7U
— Genevieve Roch-Decter, CFA (@GRDecter) November 17, 2022
3. Very few records were kept.
Most decisions were made over chat, with the messages automatically deleted after a certain time. pic.twitter.com/hfTRcRIPkD
— Genevieve Roch-Decter, CFA (@GRDecter) November 17, 2022
5. FTX had no cash management system.
Management had no idea how much cash was on hand at any given time, or even where all their cash was. pic.twitter.com/7vR8VVtX7j
— Genevieve Roch-Decter, CFA (@GRDecter) November 17, 2022
7. Corporate funds were used to purchase personal use real estate. And employees & executives put their names on homes purchased with company funds. pic.twitter.com/r9EoggW7Mp
— Genevieve Roch-Decter, CFA (@GRDecter) November 17, 2022
9. The filing makes clear that Sam Bankman-Fried does not speak for the company, and that his erratic and misleading public statements should not be disregarded. pic.twitter.com/VuLHaDHchD
— Genevieve Roch-Decter, CFA (@GRDecter) November 17, 2022
h/t silvertomars