Fortress Prime Holding my funds

Lance Landore

Private
Messages
19
I have been waiting a month for my withdrawal from this broker, they firstly said they were changing banks and to be patient and that the withdrawal would be processed soon, at first very nice and very responsive. Now nothing they don't respond at all.

I have threatened to take legal action and they don't seem to be interested.

I would like to start a case against them here, what do I need to do?

Thanks Lance
 

RahmanSL

Major
Messages
2,536
A quick google search, I come across a site called "Finance Magnates" at http://www.financemagnates.com which reported:

"After quietly launching in September, Middle Eastern prime brokerage, Fortress Prime, has announced that it aims to get regulated by the UK Financial Conduct Authority (FCA). The company is a division of Fortress Investments LLC which is 100% owned by Fortress Capital Investments PJSC.

Fortress Investments is privately owned with a key share held by the Abu Dhabi royal family, providing the company with substantial financial and political strength. The prime brokerage division, Fortress Prime, is run by Mitch Eaglstein, while the company’s board benefits from the presence of His Highness Sheikh Mohammed Bin Sultan Bin Hamdan Al Nehayan as Honorary Chairman and Partner.

Based in Dubai, Fortress Prime is regulated by the United Arab Emirates Central Bank, with Fortress Investment LLC being regulated as a private bank. Since launching in September, Fortress Prime has been delivering liquidity in FX and precious metals, and is working on delivering CFDs on global indices and commodities.

Forex Magnates’ reporters reached out to the company’s CEO, Mitch Eaglstein, to enquire about the future plans of the company and he shared that Fortress Prime is already looking to open an office in London and to obtain an FCA license...........
...."


1st, inform Fortress Prime Holding of your post here at the FPA and invite them to join the conversation to explain their company's position over your issues/complaint.

2nd, since Fortress Prime Holding looking to obtain a license and be regulated by the FCA, inform Fortress Prime Holding that if they continue to ignore your issues/complaint then you will write to make a complaint to the FCA
 

Pharaoh

Colonel
Messages
19,964
And it's a lot easier for the FCA to reject a questionable applicant than to go through all the steps needed to try to bring a regulated company back in line. Chances are that serious complaints will have to be fixed or else there won't be any FCA registration.
 

Lance Landore

Private
Messages
19
Thanks for the advice, I contacted Fortress with a link to my thread and invited them to answer themselves, also advised them of my intention to complain to the FCA, All I have had back is an auto sign withdrawal form to complete. (This was completed already over a month ago and they acknowledged its receipt) I suspect this is just a another stalling tactic. Does anyone have direct contact with anyone at Fortress to ask them to come here to answer themselves?
 

Pharaoh

Colonel
Messages
19,964
Don't waste time threatening to file a complaint with the FCA, FOS, and ActionFraud. Just go ahead and file. You can always drop the complaint if the issue is resolved.
 

Lance Landore

Private
Messages
19
So the update is...On the 19th I was contacted by John Wood (Head of Sales) who promised the funds would be sent tomorrow. As requested he provided me with a letter instructing their bank to process the funds, however they have not yet arrived. I hope this is not a delaying tactic. I will keep you informed.
 

Lance Landore

Private
Messages
19
Don't waste time threatening to file a complaint with the FCA, FOS, and ActionFraud. Just go ahead and file. You can always drop the complaint if the issue is resolved.
Is this a straight forward process? I guess it can be done online? Do you have links and any advice on wording/structure would be great. Thanks in Advance.
 

bigdolly

2nd Lieutenant
Messages
1,027
Is this a straight forward process? I guess it can be done online? Do you have links and any advice on wording/structure would be great. Thanks in Advance.
The question is do they entertain those dozens of requests made online.. they're good on runarounds but what about real settlement...
 

Pharaoh

Colonel
Messages
19,964
The question is do they entertain those dozens of requests made online.. they're good on runarounds but what about real settlement...

Let's put it this way:

Once upon a time there were 2 bad brokerages, named SuperUltraSafeFx and GuaranteedRichesFx. Despite the suspicious names, many people deposited money. Both then used every excuse in the book to delay withdrawals and never sent one penny owed to depositors.

Most of the clients of SuperUltraSafeFx either suspected or "knew" that the regulators never forced a real settlement, so confined themselves to complaining about the brokerage and regulators in online forums.

The clients of GuaranteedRichesFx worried the regulators might do nothing, but were smart enough to go ahead and submit evidence, both in forums and to regulators. Although the regulators did nothing at first, the victims in the forums kept encouraging new victims of the broker to file complaints with the regulators.

Reggie the regulator walked to his desk one morning to find a note from his boss. It read, "Last year, we had 1 complaint against SuperUltraSafeFx and one against GuaranteedRichesFx. This year, we have only 1 more complaint agaist SuperUltraSafeFx and 50 complaints against GuaranteedRichesFx. Most of the complaints against GuaranteedRichesFx have a lot of evidence. Launch a full scale investigation of GuaranteedRichesFx.

Reggie's investigation was thorough. It took him 6 months to complete it. In the end, GuaranteedRichesFx was fined $500,000, forced to pay traders what was owed, and shut down.

The clients of SuperUltraSafeFx are still saying they shouldn't bother to complain, since they "know" regulators do nothing.

The end.
 
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