A Toronto-based software engineer who wrote technical analysis for the forex futures markets has been awarded $50,000 in compensation by a hedge fund after the firm he worked for found he had no formal qualifications to perform the job.
In an email to CBC News, Michael Cottam, who also works for a hedge funds company, said he was “very proud” to receive the award, which was issued last week.
“I am very thankful for this wonderful award,” he wrote.
“This is a big deal for me and I am so thankful to have it.
I feel very honored and honored.”
The $50k in compensation, which includes $20,000 for travel and accommodation, is part of the firm’s compensation package.
Cottams previous position was at U.S. hedge funds firm Blackstone Group Inc. The money is in addition to Cottamm’s salary.
He received $40,000 last year, according to CSP Global.
Cretins top-paid analyst, Scott CottAM, was previously paid $45,000 by the same hedge funds.
He earned $40k for work on Forex, which had $3.5 trillion in daily volume.
Cittam has not responded to CBC requests for comment.
The firm that awarded Cottamin $50 k worth of compensation said in a statement that the “assignee was an excellent employee and valued the relationship he maintained with the company and its clients.”
It added that Cottaman had been working in Toronto for five years.
Cotta said he and his wife were not aware of the decision to award Cottami the $50 payout.
“It was never a conversation that we had with them about what we would like to do for the rest of our lives,” he said.
“We have a good relationship with them and have been with them for the last five years.”
Cottamed also has a role as an investment advisor for the Canadian Securities Administrators.