Nov 14, 2023 10:03 am
The head of FTX’s charity arm asks FTX to pay $275,000 in arrears in bonuses
Ross Rheingans-Yoo, who was previously hired by SBF to assist FTX with its charitable donations, said in court documents on Monday that FTX still owes him $275,000 in bonuses. It is reported that FTX paid him US$375,000 approximately two months before it went bankrupt in November 2022. Earlier this year, FTX’s new management brought charges against Rheingans-Yoo, alleging that he facilitated SBF’s illegal conduct while working in FTX’s charity arm.
FTX’s bankruptcy counsel claims that approximately $71.5 million in client funds were misappropriated by FTX’s philanthropic arm, the FTX Foundation, and Latona Bioscience Group, a non-profit company led by Rheingans-Yoo.
Rheingans-Yoo said in the statement: “I was not part of Bankman-Fried’s inner circle who knew about and assisted in the misappropriation of FTX client funds. I had no knowledge of SBF’s fraudulent conduct. I did not aid and abet his breach of fiduciary duties to the debtors. "Rheingans-Yoo said he was hired by SBF in early 2022 to manage Latona Bioscience with a base salary of US$100,000. Rheingans-Yoo worked as a trader at Jane Street before joining FTX, and SBF also worked at Jane Street. (Bloomberg)