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AR Magazine: Zentz Complaint Against FXC

AR Magazine: Zentz Complaint Against FXC

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Published by Absolute Return
From AR Magazine (story here: http://bit.ly/hPQP8L): 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.
From AR Magazine (story here: http://bit.ly/hPQP8L): 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.

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Categories:Types, Business/Law
Published by: Absolute Return on Jan 18, 2011
Copyright:Public Domain

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08/12/2013

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---------
--
SUPREME
COURT
OF
THE
STATE
OF
NEW
YORK
COUNTY
OF KINGS
MICHAEL ZENTZ,
Plaintiff,Date
Index
No. Purchased:
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against
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             
FOREIGN,SUMMONSEXCHANGE CONCEPTS.
LLCAND JOHN
R.
TAYLOR
Defendant.To
the
Person Named
as
Defendant
Above:
PLEASE TAKE NOTICE THA
T
YOU
ARE HEREBYSUMMONED
to
answer
the
complaint
of
the
plaintiff herein
and to serve a
copy
of
your
answer on
the
plaintiff
at the address indicated
below
·within 20
days
after the service
of
this
Summons
(not
counting
the day
of
the
summons
itself),
or
within
30 days after theservice
is
complete
if
the
Summons
is
not
delivered
personally to you within the State
of
New
York.
YOU
ARE HEREBY NOTIFIEDTHAT
should
you
fail to
answer,
a
judgment
will be entered
against
you by default for the
relief demanded
in the complaint.Date:
December
2,
2010MichaelZentzPlaintiff
888
ParkPlace
Brooklyn,
New
York
11216
917-971-1952Defendants'
Addresses:
FOREIGN
EXCHANGECONCEPTS
INTERi\lATIONAL,
LLC, 225
West
34
1h
Street,
Suite
7\0,
New
York,
New
York
10122; and
JOHN
R.
TAYLOR,
(Place
of
Business)
225
West
34
1h
Street.
Suite
710,
New
York,
New
York10122Venue:
Plaintiff designates Kings as
the place
of
trial.
The
basis
of
this designation
is
__
Plaintiff's Residence
in
King County
2L-Defendant's
Residence
in
Kings CountyOther--Describe:
"
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SUPREME
COURT
OF THE STATE OF
NEW
YORK
COUNTY
OF
KINGS
MICHAEL
T.
ZENTZ,
)
)
Plaintiff,
))
v.
)
Index
No.
;-:;
9
<sV
2/10
INTERl'\JATIONAL FOREIGN
EXCHANGE
CONCEPTS, LLC.,("IFEC")
AND
JOHN
R.
TAYLOR
Defendants.
))))
)
))
COMPLAINT
---------------)
TO THE SUPREME
COURT
OF
NEW
YORKCOMPLAINT
Plaintiff,
Michael Thomas
Zentz, representing himself,
for his
Complaint
against
Defen-
dants, International
Foreign Exchange.LLC
("IFEC,"
"FX-Concepts,"
"FXC"),
and
John
R. Taylor,
Chief
Operating Officer("CEO")
of
"IFEC,"
respectfully
shows
and alleges as follows:
PRELIMINARY STATEMENT
1.
The following
are actions to
recover
damages
arising
from (1) the breach
of
a contract by
Defendants(Defendants
refuse to
pay
Plaintiff
trading
commission
he earned
while
in their em-ploy), (2) the
unjust
enrichment
of
Defendantswho acceptedthe
services
of
Plaintiff
with full
knowledge
that he
understood
those
services
to be in
exchange
for the
"TradingCommission,"
(3)the em
bezzlement,
or
otherwise
diversion,
of
corporate
funds
by a
Defendant
corporate officer for
personal
use, resulting in the
undervaluation
of
shareholder
interest
of
Plaintiff
(corporate officerused
corporate
funds for services, vacations, and
other
inappropriate
uses for
himself
and family
members
and for
Defendant's
outside
business enterprises,
(4) the
conversion
of
personal propertyby
Defendant
"IFEC"
(Defendant
refuses to return all
personal property
of
Plaintiff), (5) the breach
of
a
contract
and
Fiduciary
Duty
by
Defendants
with regard
to the
ownership
of
corporate stock
(Defendants
refuse
to
pay "Dividend"
(a.ka.
"Keyman
Bonus")promised
to
employee
shareholdersas
consideration
for the
purchase
of
corporate
stock), (6)
the
wrongful termination
of
employment
of
plaintiff
by
Defendants
as
Defendants
(a)
breached
explicit
and implied
agreements
of
continued
employment,
(b)
breached
agreements
to
follow
specific
procedures
in
the
event
that termination
of
employment
is
considered, and as (c)
Defendant John
R.
Taylor made
false and malicious misrepre-sentations that resulted in
the
termination
of
Plaintiffs
employment,
(7) the intentional infliction
of
1
 
emotional injury inflicted upon plaintiff by Defendants (Defendants engaged in a deliberate course
of
action to cause Plaintiff emotional and financial harm in an effort to, among other things, (a)force Plaintiff into a settlement agreement to insulate the corporation and individuals from furtherlegal liability, (b) retaliate against Plaintiff for raising concerns about various unethical and possiblyillegal practices at the firm, and (c) to force Plaintiff into a confidentiality agreement that wouldpreclude Plaintiff from exercising rights to publicly discuss past unethical and possibly illegal be-havior by the Corporate Officers), and (8) the tortious interference with business advantage (theintentional impeding
of
business relationships by Defendants, Defendants, under fraudulentpretenses, intentionally impeded the communication and relationship
of
Plaintiff with otherassociates with full knowledge that such contacts are vital in the financial industry for, among otherthings, the search for future employment).
THE
PARTIES
2. A resident
of
New
York City (Brooklyn), Plaintiff worked for Defendants as an Analystfrom on or about March 1997 until on or about December 2000, and as a Trader and Portfolio Man-ager from on or about January 2001 until December 14, 2007. As a Trader and Portfolio Manager,the Plaintiff managed the Fixed Income futures portfolio in the
firm's
family
of
investment funds.
3.
Upon information and belief, Defendant International Foreign Exchange Concepts Incor-porated (a.k.a. FX-Concepts, hereafter
"IFEC,"
but also known as "FX-Concepts," and
"FXC")
wasand is a corporation organized and existing under the laws
of
the State
of
New
York, with an officeand headquarters and its principal place
of
business located at 225 West 34
th
Street, Suite 710,
New
York,
NY
10122. Defendant
"IFEC"
is a hedge fi.md-type entity that engages in the investment
of
funds for mostly institutional clients in primarily the foreign exchange and interest rate markets.4. Upon information and belief, Defendant John
R.
Taylor, an individual, was and is the
Chief
Executive Officer ("CEO")
of
"IFEC," with his principal place
of
residence located
in
Man-hattan,
New
York. Taylor is also, on information and belief, the majority shareholder
of"IFEC,"
and his principal place
of
employment is 225 West 34
th
Street, Suite
71
0,
New
York,
New
York10122.
5.
Given the refusal
of"IFEC"
and Defendant corporate officers to pay Plaintiff back paythat was earned by Plaintiff and owed to
Plaintiff
by
"IFEC,"
Plaintiff
is
unfortunately
unable
toafford the expensive
of
an investigation into more
detailed
background information on Defendantsat this time. Plaintiff anticipates curing any defects to this background information following dis-covery.
JURISDICTION AND VENUE
6.
This court has personal and subject matter jurisdiction over this case because (a) Plaintiffresides in the City and State
of
New
York, and in the County
of
Kings County, (b) upon informationand belief, Defendant
"IFEC's"
principal
place
of
business is located in the City and State
of
New
York, (c) upon information and belief, Defendant John
R.
Taylor's
principal
place
of
business, andhis residence,
is
located
in the City and State
of
New
York, and (d) the disputes raised hereby in-volve (i) Defendants' breach
of
an employment contract for the performance
of
services that wasprimarily negotiated and
entirely
performed in the City and State
of
New
York; (ii) the Breach
of
2

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