Former FTX Employee Sues Bankrupt Crypto Exchange Seeking $275,000 in Unpaid Bonus: Court Docs
A former FTX employee who was hired to work with the fallen crypto empire’s charity wing is taking legal action to get his unpaid 2022 bonus.
In a new court document filed on November 13th, Ross Rheingans-Yoo says that FTX still owes him $275,000 of the $650,000 that he was supposed to receive as a bonus last year.
“The Debtors paid Rheingans-Yoo $375,000 cash out of his $650,000 first-half 2022 bonus on or around September 15, 2022. However, the Debtors did not pay the remaining $275,000 in cash.”
The filing says that based on a bonus memo from former FTX CEO Sam Bankman-Fried, Rheingans-Yoo can choose to receive the bonus in cash, options or a combination of the two, but the exchange is now making false assertions to renege on its obligation.
“The Debtors argue that Rheingans-Yoo ‘elected to receive his 2022 bonus half in cash and half in options.’ …However, the Debtors failed to present any direct evidence of Rheingans-Yoo’s purported election despite having an e-discovery vendor at their disposal who identified over 5,000 Rheingans-Yoo emails, Slack threads and documents…
Rheingans-Yoo never elected to receive options as part of his first-half 2022 bonus.”
The former Jane Street trader also seeks to get another $650,000 to donate to charity, citing the provisions of the employment agreement and a statement from Bankman-Fried.
“Rheingans-Yoo’s compensation under Ross Terms included base salary, a cash bonus, and a separate right to direct to charity a payment in the same amount as his cash bonus.”
Rheingans-Yoo says he never resigned. He also claims $5,763.33 in unpaid prepetition salary and at least $62,847.75 in post-petition salary.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
Comments are closed.