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News

Ex-Jane Street Trader Clashes Over 2022 Bonus at FTX

November 14, 2023 - Around 2 mins mins to read

Key Points:

  • Former Jane Street trader fights for $275,000 bonus amid FTX’s financial chaos.
  • Dispute intensifies as FTX aims to recover funds from its charitable arm.
  • Recruited by Sam Bankman-Fried, trader disputes allegations amidst bankruptcy proceedings.
Amidst the fallout of FTX’s financial collapse, a former Jane Street trader recruited by Sam Bankman-Fried is locked in a legal battle over a disputed 2022 bonus.
Ex-Jane Street Trader Clashes Over 2022 Bonus at FTX

Ross Rheingans-Yoo, enlisted to aid FTX’s charitable efforts, asserts his entitlement to the remaining $275,000 of his bonus, vehemently denying any knowledge of Bankman-Fried’s alleged fraud.

Rheingans-Yoo, facing accusations of aiding Bankman-Fried’s actions in FTX’s charitable arm, rejects these claims and disputes FTX’s allegations against him. The disagreement is part of a broader initiative by FTX’s bankruptcy advisers to recover $71.5 million in funds allegedly misappropriated by the exchange’s charitable arm, FTX Foundation, and Rheingans-Yoo’s nonprofit, Latona Bioscience Group.

Former Trader Challenges Bonus Denial Amidst Allegations

Jane Street Trader Clashes Over 2022 Bonus at FTX

Denying involvement in Bankman-Fried’s inner circle, Rheingans-Yoo insists on his innocence, emphasizing his lack of knowledge regarding the fraud. Initially recruited to oversee FTX’s charitable-giving affiliate, Rheingans-Yoo’s compensation terms are now under scrutiny in FTX’s Chapter 11 case. FTX advisers argue against his $275,000 claim, contending it “has no merit.”

Rheingans-Yoo, seeking both the bonus payment and $650,000 in “foundation direction units,” maintains Latona’s legitimacy as a non-profit. The Delaware bankruptcy judge will adjudicate Rheingans-Yoo’s compensation entitlement, with FTX advisers asserting full compensation, a claim vehemently refuted by the former trader.

FTX declines to comment on the matter, leaving the resolution of this complex legal and financial dispute in the hands of the bankruptcy proceedings.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Ex-Jane Street Trader

Jane Street Trader

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Ex-Jane Street Trader Clashes Over 2022 Bonus at FTX

Key Points:

  • Former Jane Street trader fights for $275,000 bonus amid FTX’s financial chaos.
  • Dispute intensifies as FTX aims to recover funds from its charitable arm.
  • Recruited by Sam Bankman-Fried, trader disputes allegations amidst bankruptcy proceedings.
Amidst the fallout of FTX’s financial collapse, a former Jane Street trader recruited by Sam Bankman-Fried is locked in a legal battle over a disputed 2022 bonus.
Ex-Jane Street Trader Clashes Over 2022 Bonus at FTX

Ross Rheingans-Yoo, enlisted to aid FTX’s charitable efforts, asserts his entitlement to the remaining $275,000 of his bonus, vehemently denying any knowledge of Bankman-Fried’s alleged fraud.

Rheingans-Yoo, facing accusations of aiding Bankman-Fried’s actions in FTX’s charitable arm, rejects these claims and disputes FTX’s allegations against him. The disagreement is part of a broader initiative by FTX’s bankruptcy advisers to recover $71.5 million in funds allegedly misappropriated by the exchange’s charitable arm, FTX Foundation, and Rheingans-Yoo’s nonprofit, Latona Bioscience Group.

Former Trader Challenges Bonus Denial Amidst Allegations

Jane Street Trader Clashes Over 2022 Bonus at FTX

Denying involvement in Bankman-Fried’s inner circle, Rheingans-Yoo insists on his innocence, emphasizing his lack of knowledge regarding the fraud. Initially recruited to oversee FTX’s charitable-giving affiliate, Rheingans-Yoo’s compensation terms are now under scrutiny in FTX’s Chapter 11 case. FTX advisers argue against his $275,000 claim, contending it “has no merit.”

Rheingans-Yoo, seeking both the bonus payment and $650,000 in “foundation direction units,” maintains Latona’s legitimacy as a non-profit. The Delaware bankruptcy judge will adjudicate Rheingans-Yoo’s compensation entitlement, with FTX advisers asserting full compensation, a claim vehemently refuted by the former trader.

FTX declines to comment on the matter, leaving the resolution of this complex legal and financial dispute in the hands of the bankruptcy proceedings.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.