FTX Foundation staffer fights for $275K bonus promised by SBF
An employee of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus.
Ross Rheingans-Yoo's lawyers argued in a Nov. 13 court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022.
Rheingans-Yoo’s latest filing comes in response to FTX’s objection filed on Oct. 30.
Rheingans-Yoo shared part of a Google Doc created by Bankman-Fried that laid out his employment terms at the FTX Foundation, which came with a $100,000 base salary. He claimed Bankman-Fried told him in memo
Rheingans-Yoo iterated he was not part of Bankman-Fried’s “inner circle” and wasn’t aware that FTX misappropriated customer funds with his lawyers adding:
Rheingans-Yoo claims he is entitled to a further $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.
Advisers claim FTX has already fully paid Rheingans-Yoo his bonus because he elected to have the award partially repaid via options in the firm’s corporate affiliates before it filed for bankruptcy.
However, Rheingans-Yoo denies that claim.
The fate of Rheingans-Yoo’s bonus will be determined by a Delaware bankruptcy judge who is overseeing FTX’s Chapter 11 bankruptcy.
Related: FTX files billion-dollar lawsuit against Bybit over asset withdrawals
FTX sued Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried and several other defendants in July to return $71.6 million in investments and donations allegedly sent to various life science companies.
FTX seeks to recover through avoidance of transfers of $71.5m from
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