FTX Structure staffer defend $275K bonus offer assured by SBF
A worker of FTX’s charity wing hired by FTX co-founder Sam Bankman-Fried is attempting to make money $275,000, the rest of his declared 2022 wage bonus offer.
Ross Rheingans-Yoo’s attorneys argued in a Nov. 13 court filing that just $375,000 of his $650,000 bonus offer was paid by FTX. They declare the staying funds were owed when the crypto exchange applied for personal bankruptcy in November 2022.
Rheingans-Yoo’s newest filing is available in action to FTX’s objection submitted on Oct. 30.
Rheingans-Yoo shared part of a Google Doc produced by Bankman-Fried that set out his work terms at the FTX Structure, which featured a $100,000 base pay. He declared Bankman-Fried informed him in memo
Rheingans-Yoo repeated he was not part of Bankman-Fried’s “inner circle” and wasn’t conscious that FTX misused consumer funds with his attorneys including:
” Rather, Rheingans-Yoo was a devoted staff member who discovered himself in a mess he did not develop.”
Rheingans-Yoo claims he is entitled to a more $650,000 particularly to contribute to charity, a prepetition wage payment of about $5,700 and a post-petition wage of a minimum of $62,800.
Advisers declare FTX has actually currently completely paid Rheingans-Yoo his bonus offer due to the fact that he chose to have the award partly paid back by means of choices in the company’s business affiliates before it applied for personal bankruptcy.
Nevertheless, Rheingans-Yoo rejects that claim.
The fate of Rheingans-Yoo’s bonus offer will be identified by a Delaware personal bankruptcy judge who is supervising FTX’s Chapter 11 personal bankruptcy.
Related: FTX submits billion-dollar claim versus Bybit over property withdrawals
FTX took legal action against Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried and numerous other accuseds in July to return $71.6 million in financial investments and contributions supposedly sent out to different life science business.
FTX looks for to recuperate through avoidance of transfers of $71.5 m from
Life Sciences, Lumen Bioscience, GreenLight Biosciences Holdings, PBC, Riboscience, Hereditary Networks, 4J Rehabs, Latona Biosciences, FTX Structure, SBF, Ross Rheingans-Yoo and Nicholas Beckstead pic.twitter.com/T7lF3sZmzN
— Sunil (FTX Financial Institution Champ) (@sunil_trades) July 20, 2023
The crypto exchange claims Rheingans-Yoo and Bankman-Fried personally gained from the financial investments and contributions however FTX and Alameda Research Study did not.
” Each of these transfers was made with the intent to impede, hold-up, or defraud present or future financial institutions, a truth understood by the FTX Structure, Latona, and Bankman-Fried.”
Rheingans-Yoo claims his work at Latona, which included evaluating possible receivers, speaking to their creators and executives and performing due diligence, would’ve produced “favorable outcomes for society.”
Publication: Can you rely on crypto exchanges after the collapse of FTX?