Breaking: Mitch Eaglstein Resigns from CEO Position at Fortress Prime
Mitch Eaglstein has submitted a resignation letter to the board of Fortress Capital Investments
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.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
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.
Suggested articles
What to Look for in a Forex Technology Provider?Go 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.
Nice choice of an image, Victor!
That is really poor way to play a victim in this case. I am disappointed. “Genuinely”, They”, “No Influence” – come on.
1) “I genuinely thought they would pay clients … It is still possible they do, but now I realize I have no influence of whether this happens or not.”
who are they? you are the ceo…CEO!!!!
2) “…without citing any reason for that”
as if there is no reason. really?
Dear Fortress Prime Clients, forget about your money.
I sincerely hope this guy does not get another opportunity to stay in the industry. His track record is without merit and his “resigning” is akin to “jumping ship.”
Mitch down… John down… Nick down…. Next up Mustapha and Sawson… Then revealed how Hamed’s run away with every penny under the ‘Sheikhs’ thumb..
trying to save his FX career that is all. Experience from Bost tech and his role at Boston Prime… he should have seen this a mile away. CEO is responsible for business direction . Why don’t they just admit they blew the BBook, broke the business and get it over with.
FM you have proved to be a complete joke !!!!
for months we have all asked you to reach out and speak with Mitch but nothing.
then what a surprise you get to see a copy of his resignation letter and give him some free PR.
to late buddy the net is closing
This guy cannot possibly get away with this. where are the authorities here? So he will just walk away ? no jail time, no fine? He was the one who made us send the money in, selling the whole sheikh story and his bank account statements with billions. he didnt know what he was doing? he didnt know where the money he was buying fancy cars with was coming from?
We should file a case in the US to go after him – he is a us citizen.
He was ‘told the company was licenced by the Central Bank’, you mean he was CEO and didn’t know if his company was regulated. He could of checked the website of the Central Bank.
I’m surprised FM are helping Mitch defend him self with his story of I’m just an idiot who didn’t know what I was doing.
The last two companies he worked for went belly up. If anyone else employees him they clearly want their company to go under.
Mitch has nothing to do with the collapse of Boston Prime or Boston Technologies. He was an ordinary sales person that wasn’t involved in operations.
However, I was told there is a common practice in UAE to hire foreigners and than blame them for everything.
@B@bhonestinsider.
You have outlined a classic case of the Nuremburg defense used by lawyers.
Moreover, you would have a valid point if he was just a salesperson, however he was the CEO. Legally a CEO is obliged to understand the workings of his company and is culpable for it. (In most developed countries)
Chris is correct, a simple check on the central bank website you could have found the relevant, or lack of information regarding the companies regulatory status.
mitch, yes involved with Bt and knew they were criminals but didnt have a better option. then Fortress came and offered a title that better matched his ego so he went there. Who would trust an arab broker anyway? who could be suprised fortress is a scam and mitch could not smell it earlier. coincidence?
mitch – where will you go next? Done with FX? Highest paying jobs are now in Compliance! How about Deutche Bank?
Sales team milked at BT/ BOS Prime dry with 6 figure salaries and 6 figure/year commissions via products that made no bottom line profit for the company. It’s easy to be good at sales if you give away everything for free and your CEO is willing to overpay you for it then hope to get lucky on the flow. The CEO could not/would not allocate proportionately to investing in technical staff, operations and risk management technology which is ultimately created operational holes and incomplete software that lead to its deficit and finally its blow up in the CFH event.
Eaglstein is he most toxic salesperson I’ve ever come across. Curios who is be the next idiot to hire him
There is another article on leaprate somewhere else that says fortress came out the dead and that every client is getting paid fully. Mam what a joke. Is there anyone who knows the truth?
victor
looks like mitch was fired , and now i think the real story is coming out, a complete shambles with mitch at the helm………..
Leaprate is the national enquirer of FX publications. Can’t take them seriously.
I find it interesting how Mitch has refused to publicly comment on news articles for the last 6 months. Why is that? With all of the allegations of misconduct and with the articles written here about Fortress Prime not paying client withdrawals, if he really believed that Fortress was going to pay their clients out, why not get on the forums and defend the company that he was CEO of? Could it be that he was planning on executing this lame defense the whole time and he didn’t want his name to incur any additional SEO damage? Mitch, would you… Read more »