Hi,
I loose 90% of my capital with Fortress Fund and I want to lodge a complaint in France against them.
I deposited $3000 the 29th October 2015 into my Knight Capital Markets account, my balance account go to +/- $4000 in November 2015 and go to $300 the 23th December 2015 (90% of loss in 2 months)
For me Fortress Fund is a 100% scam.
I have some questions:
1) Do you kown the company
http://www.forexverified.com who verified the data trading of Fortress Fund
http://www.forexverified.com/reports/fortressfund/fortressfund001.html since 2013? Is it a serious company?
2) Is it better to to lodge a complaint in France or in USA?
I asked explanation to Ethan about my loss, here is answer:
Hello,
Thank you for following up in provision of the opportunity to further assist you with respect to your important questions and concerns.
I sincerely appreciate your patience and professional courtesy in awaiting a comprehensive response to your important concerns. That being said, and when considering the current issue at hand, it will be necessary to recognize, acknowledge, and understand the fact that we are participating within the most risk-abundant, highly volatile financial market in existence during a time in which we are currently enduring a global economic Depression and underlying climate of unprecedented nature on a worldwide scale since the Great Depression.
As such, we have recently experienced inevitably difficult market conditions, based on unprecedented changes for the first time since 2008. This has transpired on a magnified scale, which has catalyzed unfavorable results uncharacteristic of the achievements the Fortress Fund Trade Managers contracted to oversee the program, as well as all global asset managers, have experienced within a customary economic climate during ideal market conditions. Within such an atypical world environment, unorthodox losses oftentimes result in ultra-aggressive, overly speculative novelty programs such as Fortress Fund.
This unfortunate development has combined with your account having experienced severely inopportune market-entry timing in proximity to the initiation of this recent unfavorable market state.
On that note, I find it very important I address your important concern in comprehensive fashion. The Fortress Fund Manager was utilizing a very sophisticated, methodical employment of positional hedging within client accounts so as to effectively mitigate what otherwise would have been an instantly catastrophic, adverse price movement across all major currency pairs. When hedges are in place, equity remains intact.
Of course, it is a physical impossibility to successfully accomplish negative trade eradication without the necessary periodic release of said hedge positions in strategic fashion at prospective turning points in price action so as to allow corrective price moves to neutralize open draw down while being offset by realized profits generated through the aforementioned hedge orders. When hedges are released, it is necessary to allow price movement to "breath" and illustrate directional bias.
Furthermore, pending re-hedge orders must be strategically placed at selective points far enough in proximity to important support or resistance levels to ensure any re-entry into the hedge is not made in vain. Therefore, equity will bleed in nominal, successive amounts until the proper, successful corrective point is reached. Under typical market conditions, the average trend-based price movement which would necessitate the employment of positional hedging lasts but 1-3 days and requires no greater than 1-3 hedge releases prior to successfully identifying the correct turning point necessary to remove clients from trades intact.
Unfortunately, we have been faced with an astoundingly resilient multi-day directional trend based price movement of unparalleled nature resulting from these FOMC announcements. Your account did not sustain the necessarily successive (and extensive within these circumstances) release attempts and equity "bleeds".
We continue to face a global economic climate of unparalleled proportions since the Great Depression and have chosen to participate within the most volatile, risk prevalent market out of all the financials. As such, and when combined with notoriously thin, unfavorable summer market conditions and a unique disconnect of customary inter market behavioral correlation losses uncharacteristic of standard performance within ideal conditions do occur.
Although it will be no consolation to your frustration, it is of paramount importance you understand that we have endured, as a world society and global investors, a first-time global market climate and world economic condition absolutely unmatched in decades. This marks a unique juncture in this Manager’s 3 year record flawless aggressive trading.
Based upon our longstanding, personalized communication with one another, I'm confident you will recognize the fact that I am sincerely regretful of having had clients, including yourself, eliminated from market participation. Your ongoing recognition and understanding of current conditions as well as the unwavering state of my dedication with the sincere best interest of clients at heart is both valued and appreciated.
For these reasons, I must reiterate that I am genuinely apologetic in having to inform you that the entirety of your risk capital was depleted by the Fortress Fund Manager.
Should you have any additional questions or concerns regarding these very unfortunate market events, please be sure to follow up with me. I will remain readily available and sincerely dedicated to assuring your inquiries are immediately and thoroughly answered.
Sincerely,
Ethan
Regards,
Paul
