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

Setty Vas

Private, 1st Class
Messages
53
Dear All

I recently opened an account with Knight Capital and opted for Fortress Fund Money Manager to manage my trades. Immediately after funding I felt it would be better to do the trading on my own. However after I funded my account the trader opened 4 positions 2 EURUSD and 2 USDCAD (Buy & Sell same time). I requested Fx Broker to detach my account from the money manager's account. They responded saying that i need to contact Money Manager to close the open trades to detach the account.

I requested Fortress Fund to close the trades so that I can detach the account. Now they are saying they can't close as it is not possible to close trades nor I can request to withdraw funds until they close the trades. On their website it clearly says that investor can request detach of their accounts at any time. However now they say that that is not the case and what ever they put on their website is not a legal contract between me and Fortress Fund.

I am now stuck with these guys and I have a feeling that they would just keep the trades running to lock me or any other investor funded their account. Can anyone help?

I guess Knight capital involvement in this as well as when I try to open an account directly with them, My application is forwarded to Fortress Funds without my notice. Which means if I fund my 2nd account it will also link to Fortress Fund without my notice.

Thanks
Vas
 
Email a link to this thread to every address you can find for both companies. Invite them to come and join this discussion.
 
I sent the link to both the companies and requested them to join the discussion. I even ask them to send me my master password so that i can close the trades myself. No response for that request.

In the mean time please find attached email communications with them.

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Thank you for contacting me with respect to your important concerns. Please be advised that trading accounts can not be detached from the program while open trades currently exist within the account. The open positions on your account must be overseen to their natural closure points prior to detachment.

On that note, we have recognized that you have just opened and funded your account today. Therefore, we would be appreciative of any insight you may be able to offer as to why you are requesting removal from the program without having even participated in trading for a single trading session.

In the meantime, we continue to look forward to working together toward the successful long-term development of your valuable investment capital as well as in promptly assisting you with any new queries you may have.

Sincerely,
Ethan

Telephone No. +41 22 575 38 79
Fax No. +41 22 59 48 491
Email: tradingdesk@fortressfxfund.com
Web: fortressfxfund.com
=========================================

Hi Ethan

I have no doubt in my mind that you are not generating any profits. However I wanted to do my own trading.

The agreement copy you forwarded is between KinghtCapital and Fortress Fund but not between Fortress Fund and the client. Attached to the thread

Also this clause is no where mentioned on your website, I signed up based on the information on your website which clearly says "You may withdraw funds or add additional capital at your own discretion. You may also request discontinuation of the management services at any time. " Attached to the thread

So please kindly accept my apologies and process the detachment by closing the trades on my account.

Hope you can understand my position.

Thanks

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Thank you for following up in provision of the opportunity to clarify any unnecessary confusion you may be experiencing. The MAM Agreement is a contract between the client, Knight Capital, and Fortress Fund.

The agreement copy you forwarded is between KinghtCapital and Fortress Fund but not between Fortress Fund and the client.>> As you'll recall, my agreed to the MAM Agreement contract, as well as Knight Capital's other Account Terms & Conditions contracts, digitally when completing your application with the broker. As such, your account is subject to all terms and conditions as outlined in the MAM Agreement contract.

Also this clause is no where mentioned on your website, I signed up based on the information on your website which clearly says "You may withdraw funds or add additional capital at your own discretion. You may also request discontinuation of the management services at any time. ">> Our website is not a legal contract. Rather, it indicates that that, by nature of managed account program, you have the ability to remove your account from said program and/or withdraw your funds without any standard "lock-in" period as compared to a traditional pooled investment fund.
It is your responsibility to read and understand all terms as outlined in the account opening contracts. This policy is implemented in order to protect other investors in the program from being effected by unprofessional actions of others, such as that which you are attempting to undertake in this instance.
Therefore, your open positions will be liquidated at natural closure points pursuant the the underlying program strategy and market conditions. Once this is completed, your account will be detached from the program. Your ongoing patience and professional courtesy in this regard remains genuinely valued and appreciated.
Sincerely,
Ethan

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Attachments

  • fortress.png
    fortress.png
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  • KnightCapital_MAM Agreement page 2.pdf
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Last edited by a moderator:
Knight Capital says they can't provide me my accounts master password so at least I could close the trades myself.

The account is funded on 17-Nov and trades places immediately after funding. But no closing of any trades since then. EURUSD swing nearly 1000 pips since then.

https://www.mql5.com/en/signals/146926

Now I have some response from Fortress Funds regarding my request of joining the discussion:

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We do not participate in public forums. If you have questions regarding your account, you may direct them to me via e-mail.

Sincerely,
Ethan

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I have no idea why you would post us in a SCAM ALERTS section of a FX website because you have to wait a week or two for a trader to close open positions to make a basic w/d request.
I am very surprised someone would behave in this manner. Your w/d request will be processed as soon as those trades close and you can contact your fund manager anytime as well.

Best wishes,

Oliver Smith
Account Manager



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The MQL link is not working apologies for that, For some reason it is saying authorisation failed. I will create and post another link soon. But see the attached detailed report taken from MetaTrader with all history selected.
 

Attachments

  • Statement 64632 - Sridhar Pedamallu.pdf
    249.8 KB · Views: 21
Both Knight Capital and Fortress Fund refuse to come on this discussion. No closure to any of the positions since 17th Nov.

Even Knight Capital refuse to provide me my master password to my own account.

Any one advise me how to get out of this situation?
 
OK I am not here to proof you or anybody wrong but how can you say these statistics are false because these are generated by Myfxbook and as far as I know Myfxbook link live and active account to their site and statistics are auto generated and updated. No one can provide false statistics on Myfxbook. Chill dude
 
OK I am not here to proof you or anybody wrong but how can you say these statistics are false because these are generated by Myfxbook and as far as I know Myfxbook link live and active account to their site and statistics are auto generated and updated. No one can provide false statistics on Myfxbook. Chill dude

Hi I am not suggesting Myfxbook is showing wrong statistics. However how can you understand the 7% of increase even though there is no trading last week in the real account? Can Fortress Fund or Knight Capital generate them in background and load them on to account?
 
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