Resolved - Issue with Fortress Fund Money Manager & Knight Capital Forex Brokerage

[Setty Vas]

IMPORTANT INFORMATION FROM KNIGHT CAPITAL / KMS.ASIA BROKERS LTD.:

We have been in communications recently with FPA to bring our attention to the clients on this thread -- Knight Capital is actively assisting clients of the "Fortress" Funds managed [MAM] account program to assist in account detaches/ withdrawals etc. We are fully aware of the major downturn in trading this fund took in late Dec 2015 after 3 years of successful trading. If you have a current account in DD and need assistance - please contact us immediately.

International Support info: https://www.knightcapitalmarkets.com/contact-us.php

Kindly include your account number as well in email header communication for fast communications.

Additionally, it will be noted as we have noted privately that we are NOT associated with Fortress Fund directly besides their being one of our Fund clients, just like 300 MAM funds currently at our brokerage.

We are here with full intention to assist clients as we do 24x5 for the last 8 years.


Hiroko Watanabe
Admin
www.KMS.asia

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I contacted after Hiroko Watanabe comments, email communication as follows:

Hi

As per the message from Hiroko Watanabe below:

"You may absolutely detach your account if the Manager does not in a reasonable period of time per the MAM Agreement and then we can process a w/d the same business day for your account immediately. Fortress Fund is a 3rd party managed account program. We are a separate company.
Please contact clients@knightcapitalmarkets.com or call +358 942597801 lines 24x5 (we also have local toll free numbers in UK). We look forward to assisting you immediately! -Hiroko"


I would like to ask for your assistance to detach my account from MAM. Can you help?

==============================================================
Thank you for your email.
Our admin team will review this request shortly.

Thank you for your patience.

Kind regards,

Karmi
Client Services
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Hello,
Per that statement you need to contact fortress to close the trades, if they do not in a reasonable amount of time we can contact them. Once trades are closed we will be able to remove your account from management.Thanks,
Carolyn
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my last email to them this morning 04/02/2016 and waiting for their response. I also forwarded all my communication with Fortress Fund requesting closing trades and detaching my account from their MAM.

Hi

Thanks for your email.

I have been asking fund manager that I want to terminate LPOA if any exist, close the trades and detach my account since more than 2 months.

I strongly believe that 2 months is a more than reasonable time. I am forwarding the emails for your reference.

Regards

 

[Chu4228]

I emailed KCM and this is their response. What a joke. I did not signed any MAM Agreement when open my account. There are still two open trades in my account which were open back in Nov 2015. No other trades since then. FF has abandoned trading in my account since I requested to have it close in Nov 2015.


Date: Thu, 4 Feb 2016 03:57:26 -0500
Subject: Re: Withdrawal
From: clients@knightcapitalmarkets.com

Hi Chu,

Thank you for contacting us in response to the recent post on Forex Peace Army, which was made to ensure all of your concerns are comprehensively addressed. Please allow me to express our genuine appreciation toward any unnecessary frustration you may be experiencing as a result of your important concern.
However, and as you may recall from our previous correspondence, your account is unable to be detached from the MAM while open trades exist pursuant to Clause 10 of your MAM Agreement. This policy, which is not unique to our brokerage, is necessary as a result of technical limitations in the MAM plug-in we utilize. We utilize a very popular MAM plug-in employed by many brokers. This policy is implemented in order to ensure client detaches do not affect the remaining existing clients on the MAM. We apologize for any confusion or inconvenience this necessary policy may have caused.
We maintain revocation requests on file until that time in which the account is flat (no open trades exist). At which point it will be automatically executed. Although we appreciate your dissatisfaction with your third-party manager's trading, we are nonetheless unable to intervene in their management of your account. You should direct your trade-related inquiries toward them, specifically regarding their management of the open positions on your account.
Sincerely,
Oliver

 

[Setty Vas]

Final email from Knight Capital
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Unfortunately, and although we appreciate your frustration, the management of your account is under the direction of your third-party manager. You must direct all trading-related inquiries to them.

Sincerely,
Oliver
======================

This proves that they are just trying to show that they are not part of this SCAM. But I strongly believe their part in this.
First of all I never signed any MAM agreement, I asked KCM to send the copy of that agreement with my signature, no response from them yet.
Redirecting new client accounts to Fortress Fund clearly is a scam so that once people fund their account they immediately come under MAM and Fortress Fund open some hedging positions to lock them in forever.

KCM then simply hide behind that MAM agreement won't help their clients.

So I guess this is waste of my time chasing them for money. This should be a lesson learned to NOT to trust any Fund Manager and any non-reputed fx broker.
This is 100% pure SCAM. no mater what KCM says anymore.

 

[Chu4228]

It is abundantly clear that both Fortress Fund and Knight Capital Markets are in this scam. They are both scammers and we should not allow them more time and space on this forum to deny it.

 

[Setty Vas]

Is it time to open a case aganist Knight Capital & Fortress Funds?

 

[Setty Vas]

Just got another fishing email : https://www.lionfxfund.com/
exactly same as Fortress Fund. We have to some how stop these ba****s.

 

[Setty Vas]

Ok. Thanks. No use of contacting then

We get the email response :

"Unfortunately, and although we appreciate your frustration, the management of your account is under the direction of your third-party manager. You must direct all trading-related inquiries to them."

 

[Pharaoh]

Is it time to open a case aganist Knight Capital & Fortress Funds?

Open separate cases against each. You can use this thread as the required reference in Scam Alerts.

Go here - https://www.forexpeacearmy.com/community/pages/traders-court/

Read the instructions carefully and press the "+ File New Case" button. Make sure to visit your case files in the Case Preparations folder and keep them updated.

 

[Setty Vas]

Open separate cases against each. You can use this thread as the required reference in Scam Alerts.

Go here - https://www.forexpeacearmy.com/community/pages/traders-court/

Read the instructions carefully and press the "+ File New Case" button. Make sure to visit your case files in the Case Preparations folder and keep them updated.

Hi

I am not able to raise a case it is showing the attached error message :

1. Please enter the dates in correct format.

Even though I only selected the dates from the date picker. please find attached.

 

[Pharaoh]

Your last contact date is in the future.