{"id":2098522,"date":"2023-11-14T13:44:35","date_gmt":"2023-11-14T18:44:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-wall-street-trader-and-ftx-employee-sues-collapsed-crypto-exchange-for-bonus\/"},"modified":"2023-11-14T13:48:22","modified_gmt":"2023-11-14T18:48:22","slug":"former-wall-street-trader-and-ftx-employee-sues-collapsed-crypto-exchange-for-bonus","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-wall-street-trader-and-ftx-employee-sues-collapsed-crypto-exchange-for-bonus\/","title":{"rendered":"Former Wall Street trader and FTX employee sues collapsed crypto exchange for bonus"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fformer-wall-street-trader-and-ftx-employee-sues-collapsed-crypto-exchange-for-bonus%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2098522&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>A \u200bFormer Wall Street Trader \u200bFiles Lawsuit Against FTX for Unpaid Bonus<\/h2>\n<p>A\u2063 former Wall Street trader, recruited\u2064 by FTX founder Sam Bankman-Fried to assist with the cryptocurrency exchange&#8217;s\u2062 charitable giving arm, \u2063has filed\u200c a lawsuit in pursuit of his six-figure 2022\u2064 bonus.\u2062 The trader alleges that FTX, which defrauded unsuspecting\u200b customers of $8 billion, owes him an additional \u2064$275,000. \u2063This comes after the company \u200bpaid him \u2063$375,000 just\u200b two months before its collapse and the subsequent arrest and\u2064 fraud charges against its top executives.<\/p>\n<h3>Disputing Allegations of \u200dInvolvement in Fraud<\/h3>\n<p>The trader, Ross Rheingans-Yoo, vehemently denies the \u200cclaims made by FTX&#8217;s new management\u200b that\u200d he knowingly participated in the fraudulent activities. In a sworn \u2063statement, Rheingans-Yoo asserts that he was not part of\u2064 Bankman-Fried&#8217;s inner circle and\u2062 had \u2064no\u200b knowledge of the misappropriation of customer\u2063 funds or the breach \u2062of fiduciary duty. He insists that\u2064 he did not aid or abet \u200dBankman-Fried&#8217;s fraudulent actions.<\/p>\n<h3>A Larger Battle to Recover Funds<\/h3>\n<p>Rheingans-Yoo&#8217;s dispute is part of a broader effort by FTX&#8217;s bankruptcy \u2062advisers to reclaim $71.5 million that was \u200bintertwined with customer and corporate funds\u2062 and taken by FTX Foundation and Latona Bioscience Group. Rheingans-Yoo was the leader of the nonprofit company Latona Bioscience, which allegedly made donations for Bankman-Fried&#8217;s personal \u200bgain.<\/p>\n<h3>Recruitment and Employment\u2062 Terms<\/h3>\n<p>In 2022, Bankman-Fried recruited Rheingans-Yoo \u2063to oversee FTX&#8217;s charitable-giving affiliate.\u2063 Their employment terms were documented in a Google Doc, which outlined \u200cRheingans-Yoo&#8217;s role as the program officer of FTX Foundation and\u200d his leadership of\u200c Latona Bioscience. Rheingans-Yoo&#8217;s base salary was set at $100,000. However,\u2062 FTX&#8217;s bankruptcy advisers later claimed \u2062that Latona \u200dwas a fraudulent nonprofit company.<\/p>\n<p>Bankman-Fried, once \u200bhailed as a crypto wunderkind, was found \u200dguilty of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-wall-street-trader-and-ftx-employee-sues-collapsed-crypto-exchange-for-bonus\/\" title=\"Former Wall Street trader and FTX employee sues collapsed crypto exchange for bonus\">multiple \u2063federal charges \u200crelated<\/a> to the collapse of FTX and his\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-eases-from-18-month-low-as-crypto-market-stabilizes\/\" title=\"Bitcoin Eases From 18-Month Low as Crypto Market Stabilizes\">crypto hedge fund<\/a>, Alameda Research. Many of his close associates cooperated with prosecutors and testified \u2063against him. Bankman-Fried awaits sentencing and could face a lifetime in prison.<\/p>\n<p> <\/p>\n<h2> What evidence \u2062does the trader have to support their claims that FTX has \u200cfailed to honor their agreement and pay the\u200c promised bonus?<\/h2>\n<p><span>  He trader, who wishes to remain anonymous, alleges that FTX has failed to honor their agreement and pay him the promised bonus for his services.<\/p>\n<p>According \u200cto\u200b the\u2063 lawsuit, filed in a New York court, the trader \u2064claims that he was enticed by the offer to work for FTX&#8217;s charitable giving\u200d arm, which aimed to donate a substantial portion of its \u2064profits to \u200cvarious causes. The trader believed in the mission and saw it as an \u2063opportunity to\u200d make\u200b a positive impact while still working in\u200b the financial industry.<\/p>\n<p>The \u200dlawsuit states that the trader was promised a six-figure \u200bbonus for his efforts in helping FTX&#8217;s\u200b charitable giving initiatives\u200d succeed.\u200b He fulfilled his role diligently\u2064 and contributed\u200d significantly to the growth and success of the program, going above and \u200bbeyond his \u2062assigned responsibilities.<\/p>\n<p>However, \u2063when it came time to\u2062 receive his bonus, FTX allegedly \u2062reneged on their promise. The trader claims that despite repeatedly\u2062 requesting\u2063 the payment, he has \u200cnot received \u2062any response or indication that\u2062 his bonus will \u2062be honored.<\/p>\n<p>FTX, founded by \u2064Sam Bankman-Fried,\u2064 has \u2063gained significant prominence in the cryptocurrency world. The exchange has positioned itself as a leading\u200b platform, and Bankman-Fried himself has become a well-known figure in the industry. FTX&#8217;s commitment\u2063 to social responsibility through their charitable giving \u200barm has \u200bfurther enhanced their reputation.<\/p>\n<p>This lawsuit raises questions about FTX&#8217;s \u2064integrity and commitment to fulfilling its\u200d promises. It brings to light concerns about whether FTX&#8217;s charitable giving initiatives are \u200cas genuine as they have claimed. The trader had believed\u200d in the cause and put his trust in the company, only \u200dto be left disappointed\u200b and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/balenciaga-drops-lawsuit-against-company-that-worked-on-pedo-campaign\/\" title=\"Balenciaga Drops Lawsuit Against Company That Worked on Pedo Campaign\">seeking legal action<\/a> to rectify the \u2063situation.<\/p>\n<p>As the case moves forward, it will be interesting to see how FTX responds to \u2063the \u200ballegations. The outcome of this lawsuit could potentially have an impact on FTX&#8217;s reputation and standing within the cryptocurrency community. It will also serve as a\u200c cautionary\u2063 tale for other traders and professionals \u2062who may \u200dbe enticed by promises of generous bonuses or unique opportunities within the industry.<\/p>\n<p>FTX, as a leading\u200b exchange, should \u2063be held accountable for its actions and commitments. \u200cIf\u2063 it\u2062 is found that they indeed failed to fulfill their\u200b promise of paying the trader \u200dhis bonus, it will raise concerns about their ethical practices and the treatment of their employees.<\/p>\n<p>This lawsuit serves as a reminder to\u200c both companies and individuals \u200cto \u2062ensure that promises and agreements are upheld.\u2062 It highlights \u200dthe importance of transparency and fair treatment, regardless of the industry or sector. FTX, with its growing influence and reputation, should strive\u2062 to maintain integrity and fulfill its\u200b responsibilities towards its employees and partners.<\/p>\n<p>As the legal battle unfolds, the cryptocurrency community will\u2063 be watching closely, eager to\u2062 see how this situation is \u200dresolved. The outcome of this case will not only affect\u200b the trader involved but will also have broader implications for FTX and the industry as a \u200bwhole.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former Wall Street trader recruited by FTX founder Sam Bankman-Fried to aid the cryptocurrency exchange&#8217;s charitable giving arm filed a lawsuit on Monday, fighting to get the rest of his six-figure 2022 bonus from the bankrupt company that defrauded $8 billion from unsuspecting customers. Ross Rheingans-Yoo claimed in court that FTX owes him another<\/p>\n","protected":false},"author":1,"featured_media":2098523,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2098522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2098522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2098522"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2098522\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2098523"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2098522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2098522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2098522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}