Home>Business>FTX Basis staffer fights for $275K bonus promised by SBF

FTX Basis staffer fights for $275K bonus promised by SBF

An worker of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is making an attempt to receives a commission $275,000, the rest of his claimed 2022 wage bonus.

Ross Rheingans-Yoo’s legal professionals argued in a Nov. 13 court docket submitting that solely $375,000 of his $650,000 bonus was paid by FTX. They declare the remaining funds have been owed when the crypto exchange filed for bankruptcy in November 2022.

Rheingans-Yoo’s newest submitting is available in response to FTX’s objection filed on Oct. 30.

Excerpt of Ross Rheingans-Yoo’s Nov. 13 response to FTX Debtor’s objection. Supply: Kroll

Rheingans-Yoo shared a part of a Google Doc created by Bankman-Fried that laid out his employment phrases on the FTX Basis, which got here with a $100,000 base wage. He claimed Bankman-Fried instructed him in memo  

Rheingans-Yoo iterated he was not a part of Bankman-Fried’s “inside circle” and wasn’t conscious that FTX misappropriated buyer funds along with his legal professionals including:

“As an alternative, Rheingans-Yoo was a trustworthy worker who discovered himself in a large number he didn’t create.”

Rheingans-Yoo claims he’s entitled to an extra $650,000 particularly to donate to charity, a prepetition wage cost of about $5,700 and a post-petition wage of at the least $62,800.

Advisers declare FTX has already absolutely paid Rheingans-Yoo his bonus as a result of he elected to have the award partially repaid by way of choices within the agency’s company associates earlier than it filed for chapter.

Nonetheless, Rheingans-Yoo denies that declare.

The destiny of Rheingans-Yoo’s bonus will probably be decided by a Delaware chapter decide who’s overseeing FTX’s Chapter 11 chapter.

Associated: FTX files billion-dollar lawsuit against Bybit over asset withdrawals

FTX sued Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried and several other different defendants in July to return $71.6 million in investments and donations allegedly despatched to varied life science firms.

The crypto alternate claims Rheingans-Yoo and Bankman-Fried personally benefited from the investments and donations however FTX and Alameda Analysis didn’t.

“Every of those transfers was made with the intent to hinder, delay, or defraud current or future collectors, a reality identified by the FTX Basis, Latona, and Bankman-Fried.”

Rheingans-Yoo claims his work at Latona, which concerned analyzing potential recipients, talking with their founders and executives and conducting due diligence, would’ve produced “constructive outcomes for society.”

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