12 February, AtoZForex.com, Lagos – In recent weeks, there has been ample information regarding the activities of Fortress Prime. Both rumored and seemingly genuine information have been circulating, however, the firm has now released a statement detailing that Fortress Prime starts processing client payments.
Over the last few months, the Dubai based prime broker had failed to process client withdrawals , prompting much concerns about the stability of the firm. There were rumors of a potential liquidation of the broker’s operations. However, the firm has now resumed payments to clients, after many months of failed promises to do so.
New management team
Fortress Prime has now installed a new management team, after the resignation of the pioneer CEO of the firm, Mitch Eaglstein. Mitch Eaglstein joined Fortress Prime since its inception in 2014, after leaving Boston Technologies. On exit, he stated that he was very concerned about the ongoing withdrawal issues as he has tried all in his ability to ensure these withdrawals are treated, but it is now clear that he has almost no influence to exert this. He however clarified that there was still a possibility of these withdrawals being treated, in which he was right considering Fortress Prime starts processing client payments.
Ongoing client investigation
Now that Fortress Prime starts processing client payments, it’s understood that a vast majority of the company’s clients already have began receiving payments, after Fortress prime clarified its intention to settle all customers in a series of instalments. At this point, there is still a minority of clients who are under investigation for allegedly abusing the company privileges. For instance, the company is investigating whether some clients received large credit lines by the previous management, without depositing the required margin. Also, there is suspicion that some trades were placed on delayed price feeds.
The process of scrutiny is anticipated to take about 7 business days to complete the full review of the issues outstanding. While it is also expected that they will move forward with newly developed credit terms, and other policies and procedures to be implemented.
In a bid to restore the damaged reputation to the firm, they stated that:“Regardless of what has occurred we cannot stress enough that not paying clients was never an option.” Going forward, the priority of the firm is to restore lost reputation and grow the business into world class standards.
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