Hedge Funds Politics & Regulation

FX Concepts sued for $5.5 million by fired fixed income trader


Former employee seeks damages for a range of grievances against the firm and founder John Taylor; FX Concepts strongly denies the charges.

 Michael Zentz

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