Fortress Prime Misses Another Withdrawal Payment Deadline
Clients awaiting their withdrawals from the Dubai based prime broker have been sent wire transfer slips and post-dated cheques.
The clients of Fortress Prime, the Dubai-based prime brokerage of foreign exchange and CFDs contracts, have experienced yet another delay with their withdrawal requests. After recently providing clients with a deadline of November 15th for payment, a number of the broker’s customers have once again received promises instead of money.
Finance Magnates has learned that the company has now reassured its customers that they will receive their funds at a date no later than the 25th of November. The firm has sent out cheques and wire transfer slips with this new date.
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A couple of weeks ago, and following months of client withdrawal delays, the company issued a press release stating that it will receive a new capital injection from its founders. With Fortress Prime facing withdrawal issues, some rumors regarding its acquisition of a major broker have been questioned within the industry.
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Sources close to the matter have shared with Finance Magnates that two types of proof of upcoming payments have been received by clients. Some have received postdated cheques, supposedly to be honored on the 25th of November, while others have been sent postdated bank payment slips.
It is worth noting that the UAE treats bounced cheques as a criminal offense and grounds for arrest. This implies that Fortress Prime must indeed be confident of honoring the postdated cheques.
On a separate note, any online banking services client can order a bank transfer for a future date, print it out and even have it stamped by the bank. However, if the account from which the transfer is supposed to exit turns out to have insufficient funds, the transfer will not be executed.
A quick resolution to the Fortress Prime’s issues is very important from an industry perspective. Some clients of the company that are awaiting their withdrawals rely on the revenues which the company holds. Additional delays could quickly spread to other companies, regardless of whether they have direct dealings with the broker or not.
As part of due diligence, maybe have partner firm CEO’s take lie-detektor tests? Like Lubyanka Square in good days of USSR
“the Dubai-based prime brokerage of foreign exchange and CFDs contracts”? really? where do you see prime brokerage here? the only thing I see is a scam bucket shop
What will they offer to pay the clients with next, food stamps?
I wish the clients every success in getting their funds back, they could be waiting for a long time.
I thought this company was backed by royalty with untold wealth, or is he waiting on post dated cheques from the king as well.
Absolute shambles! Lies, Lies & more Lies. The 25th will be judgement day for all. “UAE Treats bounced cheques as a criminal offence” – who do they prosecute? The Sheikh?
I’ve been offered to come and collect cash! Looks like they have evaded their banks and delivering on the UAE black market
More bad news… No money yet.
Excuses so far
“Waiting for receipt”
“Frozen Bank Acts”
“AML Issues with Bank”
We keep on waiting as we witness the fall of Fortress Prime & the illusion of it’s “Empire”
I wish you all the best.
They are now saying late December. May have to jump on a jet & rip it out the bank!
Please help guys!!! More pressure we can put on these guys the better!
Hi Victor, we still have not received funds.
We have also spoken to at least 5 other Fortress Clients and they have not either. There is a big cash flow problem on their side and I foresee the closure of Fortress very soon, if something is not done.
Mitch is an absolute thief & an asshole!
Nick Kundnani is also a lying scumbag!
finance magnates if you want to remain credible then get an interview from the CEO and find out what is going on…….
otherwise whats the point in wrting articles when you have a close relationship with the CEO and not following up ?
Good luck locating the CEO. Last I heard he was hiding in Sri Lanka
Hi Victor
Another day goes by and still no money… there is a bank holiday in the UAE from the 1st – 6th! Which makes it even worse.
I really don’t think they have any money.
Please can you help us to put pressure on this firm (owned by a Sheikh) (unregulated) to pay up!
Just informed that those guys got no funds anymore and clearly they’re not going to pay a penny for anyone in the time that one of their ceos getting new ferraries 😉 hard luck ppl
Hye all,
Can we have updates on the withdrawals?
Who has received their withdrawal and who has not?
Please respond.
We have not received our withdrawal so far. I suspect like nobody else.
They can still pay for marketing, metaquotes, listings, new websites, new retail broker.
From the beginning of the withdrawal story they claimed because of banking problems, AML stuff etc. But how did they pay the infrastructure?!
Retail broker of Fortress already prepared: http://qimacapital.com/2nd-level-accounts.html
Hi guys,
I am in the same situation that you are in, I haven’t received my withdrawal for over 3 months. I don’t think anyone has received their funds. I have started a thread on FPA, so that we can all get in contact and start a complaint against them, please write on my thread so we can all submit a formal complaint to the FCA and FOS.
http://www.forexpeacearmy.com/community/threads/fortress-prime-withholding-my-funds.43309/
Thanks,
ZenCR
Guys this is now becoming a joke. Looks like there is a pot of about $500K to go around to all clients…
We are owed about $650K and I have spoken to other Fortress clients who are owed $600K, $800K, $200K and even one with $1.2M…
We have all been spun bullshit! Mitch is a thief & a lying ass!
FM – You need to report on this again!
Dear Readers We have been sent the following : I am writing to update you on the status of your withdrawal transfer. In November the shareholders and board of Fortress Capital Investments LLC approved additional funding for Fortress Prime to ensure all remaining withdrawal delays are cleared and to grow our popular client credit facility offering. This funding will be provided once a series of significant changes in Fortress Prime’s operational and banking structure are completed. These changes are designed to increase efficiency and avoid any possible transfer delays of this nature in the future. This internal restructuring is almost… Read more »
To All Fortress Clients, Now is the time to check in with Fortress on a Daily Basis so that we as clients are on top of our money. I am contacting my point of contact Robert Winters also known as Bobby Winters on a daily basis to remind Fortress of our withdrawals. They have set a time frame for themselves to return our money. We are all to expect TT copies of the money being wired, not their non-trustworthy/non-credible company letterheads. Yes, this is the last straw for us before we seek legal counsel as the previous very disappointed Fortress… Read more »
A birdie tells me that Mr Winters may also be jumping ship alongside a few other members. If this is true it certainly does not bode well.
He came from Boston with Mitch… absolute scambags!
Thank you for the above. Good to know we are all on the same track. If we all work together and add the right amount of pressure, we may get a better result. We were promised this week and so far it does not look promising. Our point of Contact Nick K becoming more distant and worries begin to spread across our team. It may be the end for us as well as a few other Fortress Prime Clients we know. Victor, we have been hesitant to have a transparent conversation with you to not risk our commercial position with… Read more »
Hey guys,
Are there any updates concerning our withdrawals? http://fortressdubai.com/ In addition, also check out this website, they are the ones that are supposed to wire out our money. Perhaps we can check out which authorities are regulating their subsidiaries and contact them in regard to our withdrawals.
I believe that pressure pressure should be on Fortress Prime and its holding company who are in charge of the budget to return their clients money.
Fortress have stopped pricing!! It looks like it will be the end now!!! Victor you need to break this story ASAP!
John has made only promises for last 3 months and its only lies and lies each and every single day, now adding to my woes i cant even log into my account, all my savings are gone, fortress has thrown me on the streets….
Like the rest of them…. Lies!
Fortress have now stopped pricing. It’s over!
As an update following the Christmas break we have been given a new deadline for the 2nd week of Jan. For the time being, I am funding our broker out of my own pocket. I have lost faith in Fortress Prime and their lies that are endless. I am now 95% sure that they will not pay back the funds and I have already prepared my legal counsel to file suit in the New Year. If you would like to join my law suit, please leave your email here and I will come back to you in the New Year.… Read more »
drop me a mail dataidream@hotmail.com
We still can’t access our Account!!!!!!!!!!!!!
Great now the account is diabled and is the final nail in the coffin…. Good luck now
Dear All, this is me signing out for the New Year. The only thing that lingers on my mind is Fortress Prime and our Client Money that they hold. I am mindful to visit their offices in the New year with the Dubai police force by my side and DEMAND MY MONEY. We must fight this beast together. We must stand tall against crooks and thieves. They should all be hung under Islamic law in front of all their clients. All the best for the New year to all Fortress Clients. Let’s all hope for the best.
@Jon & Andy – the word from several people I spoke to was that under its former CEO, Rabobank was doing well in expanding its FXPB unit. But, they overextended the business and were providing a few high risk clients with too much credit while only receiving tight margins on those customers. So it may have continued to be profitable, but became a credit liability.
@Jon & Andy – the word from several people I spoke to was that under its former CEO, Rabobank was doing well in expanding its FXPB unit. But, they overextended the business and were providing a few high risk clients with too much credit while only receiving tight margins on those customers. So it may have continued to be profitable, but became a credit liability.
P.s. My wife is about to cut my balls off
Has anyone had any new news? Apparently Mustapha is still in the bank getting a slip *Same old excuses* I am flying to Dubai this weekend if nothing happens this week.
we are thinking to go to dubai also.. still no updates on our withdrawals…. very headache now !
Check the comments in this thread out :
http://www.financemagnates.com/forex/brokers/breaking-fortress-prime-switching-tech-withdrawals-allegedly-in-first-week-of-2016/
Hi guys! Was given a cheque dated 10th Jan 2016 for 2 million AED and went to the bank in Dubai but they said they can’t do anything with it as no money is in the fortress account. Fortress say they will give me new cheque for January end but I don’t believe them. I am now in the Police station with my solicitors and I plead for anyone to Skype me Fred.n1986 so we can make a bigger case. It is theft and they can’t just reverse all my client money under the terms and conditions and then say… Read more »
i cannot search u in skype.. please write again your skype ID, i am also the waiting withdrawals and yet to receive any money.
Thanks.
Nick Kundnani has ruined my life!
what happens, please update us here…
His lies have cost me my business and now my life…