Fortress Prime Confirms Clients Withdrawal Delays
Withdrawal issues are likely to be emanating from operational banking difficulties rather than liquidity problems.
Following client reports that Fortress has been delaying some withdrawals for over a month, the group has confirmed to Finance Magnates that it is indeed having issues to send out funds.
“We acknowledge we have had banking issues due to our rapid growth and are working to resolve this swiftly,” a Fortress company spokesperson said today. It is also expected that by swiftly the company means only a day or two until the payments will be sent to clients.
The United Arab Emirates-based Fortress Capital Investments was founded in 2010 as a highly diversified investment house. The firm also operates as a clearing house and boasts about having very deep capital reserves, as well as royal backing.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
Suggested articles
Pros and Cons of Being a BrokerGo to article >>
In September 2014 the group launched Fortress Prime to offer custom margin and credit solutions to forex brokers worldwide as well as prime liquidity. At the time, the company reportedly had in its coffers a total equity close to $130 million.
His Highness, Sheikh Mohammed Bin Sultan Bin Hamdan Al Nahyan, has joined Fortress as Honorary Chairman and Partner. This effectively means that the venture is backed by the Al Nahyan Family, which is one of the six ruling families in the United Arab Emirates and is estimated to have a fortune worth $23 billion.
All this indicates that the withdrawal issues are likely to indeed be emanating from operational or structural difficulties caused by rapid growth rather than liquidity problems.
Why am I not surprised?
@Sam, no suprise. just another bucket shop winding down
Sheikh doesnt wanna to pay from his checking account?
This to confirm that our company has an account with fortress prime, we asked for withdrawal 2 month ago of 50k and until now they didn’t send us the money.
The problem is they’re are not regulated any where, (that we just knew recently) our account has 260k usd equity and we are very stressed about the situation.
I think there is no Sheikh it’s just a scam. Any advice please?
I’m in same situation. how can FinanceMagnates say that its regulated ?
The company has a UAE Central Bank license, and is already in the process of getting regulated by the UK’s Financial Conduct Authority (FCA). Really?
They dot have any licenses… Financemagnates, why are you lying? help us get our money back instead
To Keep everyone posted on what is going on:
I know 3 guys that cant withdraw for 3 months now.
They are owners of the brokerages, were offered amazing profit sharing deal (60% from losing positions, 60%, Carl! ) Deposits are from 40 to 150k.
Make their stupidity public = clients will run away.
FM, please investigate!
to Hussein: they cant get FCA without Dubai License. And they don’t even have Dubai license. My friends are screwed.
lol. Cant get any worth than that
CEO Mitch Eaglstein speaks out amid allegations of delayed withdrawals Today, ЧЧЧЧ spoke to Fortress Prime CEO Mitch Eaglstein who has, for the first time, explained his perspective on the situation and its cause. Refuting all allegations of potential difficulties for the firm, Mr. Eaglstein began by explaining that this matter is “a temporary bump in the road, and will be resolved very soon.” With regard to the firm having increased its deposit size, Mr. Eaglstein stated “We raised our minimum deposit amount from $50,000 to $100,000 to attract more quality clients.” Mitch Eaglstein Mitch Eaglstein Fortress Prime Mr. Eaglstein… Read more »
We are in the final stage of filling a lawsuit in Dubai, NICK KUNDNANI our sales person in charge of our account from Fortress told me try to lose the money, its your best way to get your funds.
Did you get anywhere with the lawsuit?
Sorry guys but from the looks they are done. no withdrawals means there is no money. having banking issues is complete nonsense and as a proof the are still accepting deposits. how can a bank accept deposits if their accounts have issues.
last thing.. is cysec even aware of this? most companies in cyprus have money stuck with them and this means that the companies capital went below the minimum required capital.
@jaymes, I think you are thinking some other scam (like Ironfx). fortress has no regilation, no even in cyprus…
what can you expect from company that has directors wanted by fbi…money laundering is just the start of the list
More news will come from Abu dhabi soon about the other great shiekh firm ADS. I heard they are in deep trouble also and it’s matter of time to blow up also..
Best is FCA firms.
@thomas, at least ADS is regulated. Fortress prime is a complete scam, no regulation, key executive is wanted by FBI. I dont understand who even gave them any deposits. Now they announce that they will create a fresh new entity to leave liabilities behind. what a sh&^% show
hello every body
i want to ask if there is any update with the issue ??
as i will start trading with fortress within 2 days
and want you to help me take the decision
my mail manager_mgmforex@yahoo.com
hello every body
i want to ask if there is any update with the issue ??
as i will start trading with fortress within 2 days
and want you to help me take the decision
Are you joking? noone got a penny out of this blackhole for the past 4 months. just take a look at all the info on the internet. if you want to say goodbye to your deposit now you can go ahead.
FORTRESS IS FRAUD NOT RETURNING MONEY AND ALL EMPLOYEES ALSO INVOLVED IN THIS FRAUD. EMPLOYEES ARE COMPLETELY INVOLVED NO AUTHORITY ALSO TAKING ACTION AGAINST THEM SURPRISED AND STRANGE.
INSTITUTIONAL FRAUD OF THIS YEAR AND CLEARLY THEY ARE MOVING OUT IF STILL NO ACTION IS TAKEN
Have been waiting for the past 2 months for a withdrawal. Given a local cheque with a value date for next month… What does this mean?… It means there is no money in their bank!
did the cheque clear?
We are having the same issue, trying to withdraw over $500k and keep getting dates that slip and slip and slip, I no longer trust our account manager Nick Kundnani who I now think is a liar and a con artist the same as the firm themselves. It is illegal to steal over in UAE so I assume they can not just keep our money… Can they?
Another deadline missed… I was last told the 25th November (yesterday) and still no funds… when will it be sent? This is a joke!
Let the ruling family of abu dhabi pay out clients money. Maybe that’s how anyway they make money.
Nik Kundnani has ruined my life!