Fortress Prime Dubai Checks Turn to Empty Promises Once More
The prime clearing unit of Dubai company Fortress Capital Investments, Fortress Prime continues to dodge client withdrawals requests.
After a number of promises made by the senior management of Fortress Prime, the Dubai based prime clearing unit of Fortress Capital Investments, clients of the company continue to be left empty-handed. The worries of customers of the company regarding their money continues to rise, while some of the brokers using Fortress are on the verge of closing down their business.
In the final days of last year, the Executive Manager of Fortress Prime, Mustafa Gamaleldin, expressed in a response to questions from Finance Magnates that the company’s clients should be able to receive their funds in the first week of 2016. This has turned into yet another delay, with clients who have been handed checks for the 10th of January being told that they won’t be able to cash those in.
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As a result of the unending delays, numerous clients have threatened to file lawsuits against the firm and some of the firm’s biggest customers have made trips to Dubai in order to ascertain the situation first hand.
Fortress Prime is part of the operations of another company, named Fortress Capital Investments. It is a Limited Liability Company (LLC) registered with the Dubai Department of Economic Development, listing on its website a number of executives.
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Together with the CEO of Fortress Prime, Mitch Eaglstein, who is also listed as Head of Dubai Prime Clearing, are also the names of His Highness Sheikh Mohamed Bin Sultan Bin Hamdan Al Nahyan who’s listed as Chairman of the Board, and Board Member Ali Jumma Al Alawi.
The company states on its website that it is providing private equity investment management services, with Haytham Abou El Nasr leading the effort. Fortress Prime officially states on its website that it is a division of Fortress Capital Investments.
Clients of Fortress Prime were handed new checks with a cash-in date of the 10th of January, and they have now been contacted by representatives of the firm telling them that they will not be able to receive any funds. The firm has once more provided a new date for its customers, resulting in another two weeks’ delay.
With the complications for legal action against the firm being limited due to its Dubai domicile, a number of clients have no means to take any action against the company. For many the costs of running a legal battle in a foreign country such as Dubai outweigh the benefits of potentially recovering deposits.
For the purposes of this article, Finance Magnates reporters have once more contacted the senior management of Fortress Prime, however at the time of publication, the company has not responded. The Dubai Department of Economic Development has also failed to provide a response to a media enquiry.
So can FM or anyone confirm which brokerages were using Fortress Prime for clearing?
Company of lies every one there are Lier,, you have to take action before they run away to another country and this will be the end I think they are preparing for a big surprise,,, waiting for the last episode!!
the guys are already planning to leave….I was in their office last week and every one is leaving their job month end ….so there is no one to catch
Hi for all
I love dubai
And i know The goverment never like this
You can contact him very easy by online or email or any social media _instgram and also dubai police (www.dubaipolice.gov.ae) and tell him about this company
(www.moi.gov.ae) Ministry of Interior
Contact them and they help you very argent good
Tell them about the mager and partner for this company Mr . Hamed ahmed elbarki
He wanted by fbi
Cheack the web for the fbi
And the have two pass port from us and egypt
Please keep safe discovered that there was no business of Fortress Prime license from the Central Bank and the dubai economic debartment and those are not allowed to practice the activity and location of the company please keep safe
To make sure cheak the license list from this web
( http://www.centralbank.ae )
And you can contact them and the will tell you
Keep note about this company
Also the fortress capital investments
Plz keep safe from this company they are liars
http://www.alameen.ae
Any one lost his money should write his story with this company and send it to
This email
alameen@alameen.gov.ae
This is beyond a joke now. Hamed was the person connecting us clients to the Sheikh and his money. Hamed wanted by the FBI? The layers to the story begin to deepen. This is an absolute crisis and a total disrespect to the Royal Families in the UAE. We have also been to their offices and I agree, we also foresee their Sales people jumping ship.. especially as they are trying to offload their clients to us and others. Nick and John are an absolute joke. We have been asked to cash our cheque this weekend and when it bounces… Read more »
Hi, does it mean u already have the cheque with you ? We havent receive any news regarding our withdrawals…
Not much but its a lot to us and our clients….
Please update us here of any progress.
It is clear that someone at Fortress is flagging these comments as inappropriate. I revert to the majority view on Fortress from other Clients. A lot of brokers who are relatively new in the Market will be the ones suffering. Like us, it is not only our business but our reputation and out future at stake. It has become even more apparent that we will not receive our cash and more so, asFortress’ lies beginning to manifest, we will soon see the true nature of their staff. This is a crime in any land, regardless of rule. Those responsible should… Read more »
its already weekend and reaching 24th January, has anyone cash in their withdrawal cheques ?
please update.
They said they will send wires…. and not to cash check
Every company set up in Dubai is owned by the Sheikh! This has to be bullshit with Fortress. If they go bust by UAE law the sheikh and government takes ownership but no money will come out
We are getting our money on Sunday. Sara is doing wire. If you want money keep calling Nick and ask Mustapha and they will do it/they just ask you for your bank details. They are very honest people so I think it is time. I’m so excited
Absolute nonsense. I don’t know who said that
Fortress Prime has ruin my business and complicated my life, i dont understand how they can hold back to our funds for this long, this funds belongs to clients mostly, we have daily pressures from clients, some of our clients has even filed a suit against us, this very very sad and its heartbreaking that the government is not doing anything about this.
Hi dear
I put before 7 comments all contact for dubai police . Alameen .centralbank u can contact them and the will help u fast dear
Because the fortress investment an prime no license from central bank and this is very dangerous very very big risk for coustmer and illegal
Our team is in Dubai and still no money. It is a disgrace. The mood in the office is terrible.
We have informed our lawyers and they say we should close down operations of we cannot retrieve funds by end month. The large portion of our client money is in Fortress and we simply do not have enough to pay clients. We need to save ourselves now and cannot rely on others, especially Fortress prime
Really sorry to hear this. I think there are about 30-40 clients still awaiting a payout and in my opinion, the large majority will face their unfortunate fate of closing down.
One day more and still no money
It is approaching the end of the month and we still have no money from Fortress. I don’t think I will be able to meet my monthly bills and fear a lot of other Worried clients are in the same boat.
I am on my way back to Israel now from Dubai. Again, I have come back with a cuddly toy and no cash.
Plz
Whats the new
Im Worried
Update plz