4 February, AtoZForex.com, Lagos – After several months of failing to pay clients, unfounded rumors have been circulating saying that Fortress Prime’s parent company -- Fortress Capital Investments -- intends to wind down the broker after many months of hardship. The company has promised and failed on many occasions to process client withdrawals which have been pending for months after the latest end of January deadline was again defaulted upon.
CEO resigns
At this point, the Chief Executive Officer of the Dubai based firm, Mitch Eaglstein seems to have had enough. He has now tendered his resignation according to reports reaching us. Mitch Eaglstein joined Fortress Prime since its inception in 2014, after leaving Boston Technologies.
As the Fortress Prime CEO resigns, he clarified that he joined the firm with the idea that the company was licensed by the central bank, but he is yet to presented the required documents to show it is actually licensed. He is also 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 believes that there's still a possibility of these withdrawals being treated. As the Fortress Prime CEO resigns, he also noted that his salary for two months to his departure has not been paid, with no reason given by the firm for this failure.
Ongoing for over 5 months
When the firm’s issues began back in August, they claimed that the delays had been due to issues regarding the sending out of funds, rather than a lack of financial capability. The firm issued clients with checks on the 10th of January. However, clients have been told that they will not be able to cash the checks just yet, with the firm providing a new date resulting in further extensions.
Some of the firm’s clients have threatened with legal action, with some having to make a trip to the head office of the firm in a bid to asses the situation and get their funds back. Unfortunately, a lawsuit may be too expensive and strenuous for most of the firm’s clients, with the cost of such an action out weighing the benefit.
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