FX Concepts sued for $5.5 million by fired fixed income trader
By Lawrence Delevingne
Tue Jan 18, 2011
Former employee seeks damages for a range of grievances against the firm and founder John Taylor; FX Concepts strongly denies the charges.
An employee fired from $8 billion currency-focused hedge
fund firm FX Concepts is seeking more than $5.5 million in
damages from his former employer and its founder, John Taylor.
Michael Zentz, dismissed in December 2007, filed a complaint in
December 2010 in New York state supreme court alleging, among
other things, that the firm fired him unfairly, withheld six
months of his trading commissions, and that Taylor, FXC's
founder, embezzled funds to pay for separate business ventures
and family expenses, thereby hurting shareholders like Zentz.FX
Concepts and Taylor declined to be interviewed but denied the
allegations through their lawyer, Thomas Golden, a partner at
Willkie Farr & Gallagher in New York."Mr. Zentz, who was
terminated for cause over three years ago, is a disgruntled
ex-employee whose claims are entirely without merit.
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