New questions have arisen over payouts to top Burford executives, including CEO Christopher Bogart and co-foudner Jonathan Molot. Despite founding the company, the pair were not actually employees of Burford Capital until 2012. Prior to that, they formed an advisory firm – Burford Group Limited – and charged Burford Capital fees for their advisory work. In the wake of the Muddy Waters allegations, the pair are facing questions about the complex financial structure, as well as their current salaries which remain undisclosed, given the fact that neither is on the company’s board.

As reported in This is Money, Bogart and Molot both cashed out to the tune of £120 million after selling shares of Burford Capital last year. Their share compensation was offered when they became official Burford employees in 2012, and at today’s stock price are worth over £200 million. The Mail on Sunday also revealed that Bogart and Molot made £15 million in fees from 2009-2012, when they were technically advising the company they founded.

Carson Block, founder of Muddy Waters, the hedge fund that has accused Burford of misreporting its financials among other things, claims that Burford’s financial statements convey that the executives are pulling plenty of cash out of the business, given how high the expenses are on the balance sheet. With 120 employees, Burford’s staff costs last year added up to $50 million.

Burford has stated that its complex financial structure is common among financial entities, and that it is considering revealing Bogart and Molot’s salaries in the interest of transparency, even though it is not compelled to do so.

All of this comes as US regulators are now taking a look at the market manipulation which Burford has accused various short-sellers of. Burford claims short-sellers ‘spoofed’ the stock, or issued short sales then quickly recalled them, in order to drive the share price down.