It has now been half a year since the first signs of trouble at Fortress Prime became obvious. Clients of the company were not able to withdraw their funds from August, and were served an intolerable number of excuses and postponements since then. It now appears that the service of the brokerage has once again been suspended and clients cannot even check their account balances.
I can confirm that we terminated all services rendered to Fortress Prime
After a noisy PR stunt organized by the company last month, the firm has allegedly committed to start repaying its clients in 25 per cent installments. Several weeks later, a number of brokers who were clearing trades through Fortress Prime are yet to receive any of their funds and are contemplating legal action.
Finance Magnates has learned that this week, PrimeXM has become the second tech provider to terminate its service to Fortress Prime. PrimeXM was servicing Fortress Prime since December last year under the condition that the broker would do its best to settle at least 25 per cent of its outstanding obligations to client balances every quarter.
Introducing NextV - The Full Scope Solution To Building Your Next Virtual EventGo to article >>
Upon request of Finance Magnates, the founder of Prime XM Clive Diethelm stated: “I can confirm that we terminated all services rendered to Fortress Prime as we didn’t see sufficient efforts to resolve the situation in regards to the disputed client funds.”
Clients overwhelmingly confirm no repayments have been made
Finance Magnates has also learned that one of the lergest brokerages in the industry has already written off its balance with Fortress Prime, the story is developing and will be brought to the attention of our readers very soon.
clients cannot even check their account balances
An overwhelming number of clients of Fortress Prime have confirmed to Finance Magnates that to date they have not received any repayments. Despite the loud press and the appointment of a new Chief Executive Officer by Fortress Prime, the Dubai based company has continued withholding the funds of its clients.
After yet another delay and postponement, PrimeXM has cut off its services to Fortress Prime, which makes it the second technology provider of the brokerage to pull the plug in three months.