FTX Foundation staffer fights for $275K bonus promised by SBF
An employee of FTXs charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to earn money $275,000, the remainder of his claimed 2022 wage bonus.Ross Rheingans-Yoos legal representatives argued in a Nov. 13 court filing that just $375,000 of his $650,000 bonus was paid by FTX. They declare the remaining funds were owed when the crypto exchange applied for insolvency in November 2022.Rheingans-Yoos most current filing is available in reaction to FTXs objection submitted on Oct. 30. Excerpt of Ross Rheingans-Yoos Nov. 13 action to FTX Debtors objection. Source: KrollRheingans-Yoo shared part of a Google Doc created by Bankman-Fried that set out his employment terms at the FTX Foundation, which featured a $100,000 base pay. He declared Bankman-Fried informed him in memo Rheingans-Yoo iterated he was not part of Bankman-Frieds “inner circle” and wasnt conscious that FTX misused consumer funds with his lawyers including:” Instead, Rheingans-Yoo was a faithful staff member who found himself in a mess he did not develop.” Rheingans-Yoo claims he is entitled to a more $650,000 specifically to donate to charity, a prepetition salary payment of about $5,700 and a post-petition salary of at least $62,800. Due to the fact that he elected to have the award partly repaid by means of alternatives in the firms business affiliates before it submitted for bankruptcy, Advisers claim FTX has actually currently totally paid Rheingans-Yoo his bonus offer. However, Rheingans-Yoo denies that claim.The fate of Rheingans-Yoos benefit will be determined by a Delaware insolvency judge who is overseeing FTXs Chapter 11 bankruptcy.Related: FTX files billion-dollar suit against Bybit over asset withdrawals FTX took legal action against Rheingans-Yoos Latona Biosciences Group, Bankman-Fried and several other offenders in July to return $71.6 million in financial investments and contributions presumably sent out to numerous life science companies.FTX seeks to recover through avoidance of transfers of $71.5 m fromLife Sciences, Lumen Bioscience, GreenLight Biosciences Holdings, PBC, Riboscience, Genetic Networks, 4J Therapeutics, Latona Biosciences, FTX Foundation, SBF, Ross Rheingans-Yoo and Nicholas Beckstead pic.twitter.com/T7lF3sZmzN— Sunil (FTX Creditor Champion) (@sunil_trades) July 20, 2023
The crypto exchange claims Rheingans-Yoo and Bankman-Fried personally gained from the contributions and financial investments but FTX and Alameda Research did not.”Each of these transfers was made with the intent to hinder, delay, or defraud present or future financial institutions, a truth understood by the FTX Foundation, Latona, and Bankman-Fried.” Rheingans-Yoo declares his work at Latona, which involved analyzing potential recipients, speaking with their executives and founders and carrying out due diligence, wouldve produced “favorable results for society.” Publication: Can you trust crypto exchanges after the collapse of FTX?