Exclusive: Fortress Capital Investments to Wind Down Fortress Prime
Big clients are offered $0.25 on the dollar as an initial payment, while clients holding up to $150,000 are to
Fortress Capital Investments is preparing to dismantle Fortress Prime, according to information confirmed by Finance Magnates from multiple independent sources. The brokerage company is facing the passing of yet another withdrawal deadline after some of the customers of the company were told that they were going to receive their funds by the end of January.
Fortress Capital Investments, the parent company of Fortress Prime, is said to be offering big clients of the firm approximately $0.25 on the dollar as an initial payment accompanied with a full repayment plan, while smaller clients of the company are to be paid in full. Sources with knowledge of the matter are saying that only clients that hold less than $150,000 with Fortress Prime are eligible for full compensation.
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The history of clients’ withdrawal delays from the Fortress Capital Investments owned brokerage started in August and is characterized by multiple postponements and attempts by the management of Fortress Prime to regain credibility. Some sources cite that the company owes between $15 and $20 million to a group of fifty companies in the industry.
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Should the company choose to pay all of those clients that are holding deposits up to $150,000, the majority of the brokerages holding money at Fortress Prime are going to be fully compensated. However, considering the history of the company and the multitude of delays, clients will only be reassured once they confirm their funds are in their bank accounts.
The company’s management recently issued a press release claiming that the firm was being recapitalized in November last year, however this was followed up with another delay and a halt in pricing from the company to its clients. For the clients of the firm, this resulted in some hope that withdrawals would closely follow up, however no payments ultimately materialized.
With the latest batch of delays dating to the end of January and with clients still awaiting their funds, this latest information could be serving as yet another attempt for the company to delay the eventual legal proceedings against it.
A number of clients have been exploring their options of taking legal action against Fortress Capital Investments and Fortress Prime, however for the time being no information about legal proceedings has been confirmed by Finance Magnates.
No money will ever come out of this place! They are lying crooks and soon the truth will reveal itself. You cannot believe a word that comes out of Fortress Prime & will never see your funds. Just go straight to the Cops!
We have over $1m with fortress, they sent me an email to say 25% and then a payment plan or option b : go via legal route. Apparently their lawyers are preparing the paperwork now. I am going again to their office and I can’t wait to see them face to face with my team. I really think the Sheikh is completely non existent and they should all go to Jail, in fact stoned.
Did you participate in Baker Botts call last week? Let me know if you’re interested in forming a class action (We have over $1 mil as well).
Plus my mate who is an Emirati Royal said they don’t even represent Fortress
Agree, I thought the Royals were Al Nayhan not Al Nehayan (as on FP site)? Anyone care to shed light
Dear Finance Magnates, We have a colleague in Dubai who has contacted the police and the Ministry of Interior. thanks to the help of other UAE citizens that have helped us through the legal proceedings. The authorities are awaiting the 31st of Jan to see what will happen. Once this deadline has passed they will be taking legal action. We’ve filed our correspondences, emails, and Fortress Company evidence with them. The economic department, the police station and ala meen have all been contacted, there are criminal charges proceeding towards Fortress Capital Investments and Fortress Prime, including their misuse of the… Read more »
In addition, the people working at Fortress will also be held accountable since they are all jumping ship and no longer affiliated to Fortress as of now on their linkedin accounts. This includes Mitch, Nick, John and Robert. Mustafa Gamelidin is still young and our team believes he does not know or have the capacity to diffuse the situation, perhaps he is the fall guy to take all the blame. Mr Hamed and Ali who sit on the board has not released the client funds and does not have any intent to return back clients with deposits even less than… Read more »
How can we join to report them to local police and government?
They are all scammers and liars
Bunch of liars: 1. First they were saying they have AML issues and their accounts were frozen 2. Then they say they had technical issues 3. they said 200million came but sheikh needs to sign 4. sheikh needs to counter sign checks and now they say they will pay 25%…. haha what a lie. I dont even believe they have one cent in their banks. The company was giving 70% of the losses back to the brokers. Some brokers abused this. Brokers were going in one direction on their own account with them, and another direction on their own account… Read more »
Everything myself and my team have worked for was in vein. We are never seeing our money again. I would like to thank the entire team of Fortress Prime.
First off, my thanks to the entire FM team for your ongoing coverage of this whole Fortress Prime affair (which is especially notable considering other sites have yet to run even a single headline). I do have to ask though, has FM reached to out to Fortress Prime CEO Mitch Eaglstein for any quote or confirmation? He seems to be notably absent in these stories during the the past several months of this debacle, despite being CEO of the company (and the focus of many feature FM articles previously). Back on 19-Jan-2015, FM published a rather glowing headline, “Fortress Prime’s… Read more »
Guys! If you get a call from Sawson Yabroudri claiming to be the Sheikhs Rep / DO NOT believe her! She has nothing to do with the Sheikh, in fact Fortress are simply misusing the name!
What makes you believe Sawson is not who she says she is? We met her and was led to believe she’s the owner’s rep.
yet another noIntegrityFx?
http://www.forexpeacearmy.com/community/threads/integrityfx-ras-uae-potential-scam.43426/
Is there any local that has money with Fortress Prime? Please contact your local authorities in Dubai. That way they can freeze any assets in Fortress Prime and put the scammers in custody ASAP, since they will be leaving UAE in the next week and will be off in the wind with all our hard earned money.
They are ready to wind up. Word is spreading and the staff are leaving. The whole $0.25 deal is nonsense and holds no ground. How can FP wind up and expect to pay clients anything? Another pump and dump.
What do you expect when you employ a CEO who has no experience.
Be careful of Mustapha. Remember he is employed by Hamed, the gentle gent wanted by the FBI for $2bn securities fraud. Everything Mustapha says is cunning, calculated and made to deceive. Do not get turned by his youthful aura. Remember he is there to manipulate and keep your money in the hands of Fortress.
aint they regulated? dont they have trust accounts for segregation of client’s funds? shouldnt then clients be able to at least get back their deposits if they were profitable?
I can’t believe this isn’t a bigger deal. I would like FM to find out more about what is happening. Especially with their friend Mitch Eaglestein who lost all the money. Surely some investigative journalism here would find out what he is up to.
Don’t you go to jail in the UAE if you default on a debt, I wonder what the situation is here. Are Fortress Prime employees being allowed to leave the country?
First the company was providing a service illegally. This is one thing they need to be accounted for. As a result of this service which they illegally provided many clients got cheated and mislead. This is a basis for all directors to go to jail. Second they had a money issue in august however Mitch and his fellows mislead the public and mislead the clients and they kept bringing in new clients and new deposits while they knew they were technically bankrupt. They told everyone that they had AML issues and bank accounts frozen which turned out to be a… Read more »
Why if you knew they weren’t regulated and were operating illegally did you open an account with them?
has anyone receive any money??
i emailed them everyday and no response…
very headache…
Hye all.
We have another 100K with Fortress Prime and untill now they are not responding to our emails anymore.
If your side has new update, please post it here.
Thank You for your cooperation.
Very stressed client.
Hye All Fortress Client,
May we have any updates regarding fortress.
has anyone bet any money or they have been gone ?
No updates until now.
Thanks.
According to another website they were paying clients back now. Have any clients received any money back yet.
Other website being the credible leaprate?
hye, can u paste the link to the news here?
To all who were clients of FP,
This is a prime example of why you should be doing the utmost in your due diligence of the counterparts that you engage with.
Please engage with credible counterparts and you wouldn’t be facing these issues now.
There is a reason why margin levels have gone up and will be here to stay – to protect you guys!
so victor you have now stopped publishing their stories…guess they have had enough of you or they paid finance magnet a lot of money to run the PR….now its leaprate….I was told by fortress that they don’t have money and I should go and register the compliant….
Hi Fahad,
If you would care to explain in what respect does this look as PR to you, I’d be happy to hear you. Its merely news about the company which give no conclusive outcome as to what happens to the withdrawals requests of clients.
victor…am not making any personal comment but I am amazed or rather amused the way you handled the situation…..since you cover the story you should have got the facts right….there are a zillion comments by all the clients regarding the funds but not once did fortress mention about the funds and even if they did was only a false report…..so as an ethics one should have got the facts in place and exposed the scamsters ……its only sad that articles only talk good till such time these scamsters run away and then whats the point of writing ohh the broker… Read more »
Again, I fail to see why do you think that both sides are not represented in the article – to date there is no information that any big client has received anything from Fortress Prime, and the company has not been responding to any media requests.