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Former cryptocurrency employee files unpaid wage claim

| Apr 10, 2019 | Employment Law for Employees |

Investment products are big business in New York and around the world. Companies are constantly seeking to get a foothold in the newest and latest categories that are rising to prominence. One is cryptocurrency. Since it is such a new vehicle, companies are in search of employees who know how to maximize profit. When disputes arise, it is inevitable that there will be back and forth statements as to how the parting of the ways was handled. If a worker feels his or her employee rights were violated, a lawsuit is a possibility. For those who are in the corporate sector, it is important to understand how to file employment claims when they have been subjected to violations.

A well-known cryptocurrency exchange is being sued by a former employee. The man was a manager in New York and states that the company failed to pay him for the work he did. He also claims that the company did not provide correct information about its state operations. The man began work there in April 2017. He was tasked with overseeing the trading desk among other duties. He says he did not get the commission he was supposed to after helping the company earn a profit of more than $19 million after he had been there for three months. His agreement called for a salary of $150,000 and 10 percent commissions on sales.

The company responds that the man is lying and has breached a confidentiality agreement. The CEO of the company says that the business did not operate in New York for several years and that the regulations in the state do not impact the company. For his part, the former employee says that the statements that the company had left New York misrepresented what was really happening. The former employee was supposed to get more than $900,000 in a lump sum, but the company did not pay it.

Employees in the corporate world can be mistreated just as easily as someone who works a blue-collar job for an hourly wage. Unpaid wages can impact anyone and it is especially problematic if there were agreements regarding commission and they were not paid. For employees who have been subjected to this treatment, it is important to understand that they have rights that must be abided by. A law firm that understands employment law for employees and has helped people in numerous industries should be contacted for assistance in upholding their employee rights and getting what they are entitled to.