Knight Capital Markets & Fortress Fund (Warning)

[Setty Vas]

On my trading account I see now 2 hedging EUR/USD and AUD/USD positions opened on 05.11.2015 (Attached) but trading on my account stopped like 3 weeks ago (by my request) so I am just waiting for those positions to be closed (and I have no idea when FF will close those positions).
Keeping such hedge positions opened makes me believe that those positions are opened just not to process my withdrawal request as there is no reason to believe those positions will make any profit at all .
Please can other traders confirm if they also have same positions opened on their accounts as all accounts should have same trades .
I was also able to wthdraw 1000 USD but when I decided to withdraw more 6000 USD KCM said they can not processes it as there are opened positions on my acc but my MAM agreement does not limit my withdrawals (Attached)

I appreciate Your info

Martin

Hi

I have nearly same trades opened on 17th Nov. EUR/USD & USD/CAD hedging positions. You are right these positions were opened to lock us in so that we can't make any withdrawals. These 2 hedging positions swing nearly 2000 points either way since these positions open but they didn't bother closing any of them.

All FF is saying is "
Thank you for your message. Please note that open positions will be closed pursuant to the underlying Fortress Fund strategy. You will be notified when this occurs.

Sincerely,
Ethan
"

 

[Martin81]

The below is reply from FF when I asked them when will they close my opened positions :

"At this juncture, your trades will be closed when the program closes these trades pursuant to the rules of its strategy. We will not discuss the matter further.
Once your trades are closed, you will not be welcome back into the program either, and we will give away your position in Fortress Fund to one of the clients on our waiting list, who will treat us with the appreciation and respect we deserve for providing them the opportunity for financial freedom and wealth generation.
"
The MAM agreement I saw while I opened my acc with KCM is not the one they uploaded on their website recently. My MAM Agreement did not limit my withdrawals when there are positions opened on my acc. KCM added new clause to MAM agreement few weeks after I opened my acc and they want me to believe I agreed to different agreement . As additional proof I have same agreement I agreed to signed and sent to me from FF e-mail(with 12% performance discount , Agreement attached).
Clearly I would never agree to MAM agreement which will not allow me to cancell it or prevent me from making withdrawal while there are opened positions on the acc. This is for very simple reason as I am now , I can not make withdrawal according to KCM and FF (which si not true as they amended MAM agreement ) and FF does not want to close positions neither.So now all I can do is either wait patiently for positions to be closed (which can run for unlimited time) or I can start legal case against KCM .
Despite I tried to get in touch with Ethan numerous times I was unable to reach him over phone. His secretary always said "no one available to talk to You right now they will call You back" -> which never happened.

If any other investor has similar issue please step up and tell us about it

Martin

 

[downtrend]

I am doing fine with them from past few months and have withdrawn a couple of time without any issue. I think this is a common thing with MAM about withdrawing funds while having trades open, so no issue for me.

 

[Martin81]

Hi Downtrend

I am happy You managed to withdraw funds .Maybe You can share Your current opened positions and Your MAM agreement with other investors ?

I appreciate Your support

Martin

 

[larz]

I have USDCAD and EURUSD trade still running. I requested them to close the trade based on my own analysis, but I was advised to let their fund trading strategy closes the trade. I have to wait till the trades will be closed before processing my withdrawal.

Since some are complaining about this fund, I have to see by myself if this fund performs well and everything goes smoothly for 6 to 12 months before adding up my initial investment.

 

[larz]

I now believe this is scam and we are all victims of this scam.

Another thread on this forum related to this scam https://www.forexpeacearmy.com/community/threads/fortress-fund-knight-capital.43198/

Although I have no strong evidence that this fund is a scam, it should be noted that trading is always risky but that doesn't mean it is a scam. There are both happy and complaining clients, well that's trading. Just invest the amount that you can still live normally even if you loss it.

 

[EURUSD]

Absolutely right, there are 95% of forex traders who fail in the market and keep saying that forex is bad and bla bla… Scam etc, so we should admit that Forex is not a good business? My stay with them is quite decent actually so I will be adding some more funds with them to enjoy a bit more.

 

[Martin P.]

Hi, I think it is quite easy to conclude that those guys at Fortress Fund and Knight Capital are Scammers of first class. I believe it is Ponzi inspired. I will elaborate why i think so:

1. After reading all the comments, it is for me "clear" to see what seems to be going on. After account opening and funds are made from a client, Fortress immediately open hedged positions so that they instantly know that the clients money are locked in, and cannot be withdrawn, due to the written context in the MAM agreement. So know they know that the money are there and until further untouchable. But that does not mean that all clients does not get their money...In Ponzi you pay out to clients with fresh money, that will come in. So if one can lock the money as they do, they have controll and can now pay who they want, and put others on waiting list until fresh money is coming in.

2. The reason they get fresh money, is that they present fantastic results. How can they do that and show it on a respectable site like MyFxBook. The reason is (according to my studies) that any white label broker (a broker that franchise on another broker / liquidity provider) has acces to all meta data on the system. Only if you are licensed user of Metaquotes you can do that. But it is inexpensive to be a white label customer, and hence get acces to "backoffice" and do the manipulation.

3. I personally contacted this Knight Capital, asking them if they had a office in Finland, and their address. I got an address and googled it. It is a virtual office address, where you can have a office for a few bucks a month.

I simply see to many re-flags in all this, and i would personally NEVER invest with a company like this.

 

[nahiyar]

Well, it is our money and we can do whatever we want to do, and for my money , I am utilizing it properly and getting returns from them. So there is no reason for me to stay away from it. It is cool !

 

[ArielKorber]

What I find interesting is every tine someone critisizes this scam someone else appears to support it (but never provides proof), I am amazed how many sham profiles exist on FPA, when you read their past postings they are all very similair. Scam artists know that FPA is respected - using it in thsi way its a clever trick to fool investors