The Chief Executive Officer of Dubai based Fortress Prime, Mitch Eaglstein, has submitted a resignation letter to the board of Fortress Capital Investments, Finance Magnates has learned. The event takes place after months of delays of clients’ withdrawal requests. The former executive has been at the company since it was established in June 2014.
The move happens after Mitch Eaglstein relocated to Dubai following him parting ways with Boston Technologies.
Client funds have been blocked at Fortress Prime for months and the withdrawal requests of clients have been suspended since August 2015; Eaglstein is quitting the company at a precarious time, just as the parent company Fortress Capital Investments has decided to close down the brokerage.
What Does 2021 Hold for the Markets? HYCM CEO SpeaksGo to article >>
According his letter of resignation seen by Finance Magnates, Eaglstein asserts that he had been informed that the company was licensed by the central bank. He also was allegedly promised to be given documents in respect of the licensing, but to this date the firm has not presented any.
It has taken Eaglstein almost half a year from the first signs of trouble appearing at the brokerage to resign from his position at Fortress Prime. When asked by Finance Magnates about the reasons why it took him so long to quit the company, he had the following to say: “I genuinely thought they would pay clients and that I was in a position to advocate for getting the clients paid in the fastest possible time-frame. It is still possible they do, but now I realize I have no influence of whether this happens or not.”
Mr Eaglstein also states in his letter that Fortress Prime failed to pay his salary for the past two months without citing any reason for this.