Fortress Prime top shareholder arrested in Dubai
The whole process goes back to last year, when in August 2015 Fortress Prime had an issue of delaying customers withdrawals. Additionally, the financial firm has been failing to pay suppliers and partners. Eventually, the company went defunct, as a result of all above mentioned. A number of withdrawal attempts by Fortress Prime’s clients were unsuccessful until the latest news on the case have appeared.
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The newest update in the Fortress Prime’s case comes as one of the major shareholders of the Fortress Prime was arrested in UAE, namely Hamed Ahmed Elbarki/Mokhtar. He is now in custody and Fortress Prime’s clients are preparing a legal case against of Hamed Ahmed Elbarki/Mokhtar in order to have their funds back.
One of FBI's most wanted
Furthermore, as the majority shareholder of Fortress Prime in custody with the legal case against him, additional evidence from Interpol and the Federal Bureau of Investigations (FBI) is available. As it is reported in the FBI’s official document, Hamed Ahmed Elbarki/Mokhtar has been involved in securities fraud and wire fraud. The official document from FBI states:
Hamed Ahmed Elbarki, a convicted felon, is wanted for his alleged involvement in a mortgage-related scheme that defrauded individuals out of nearly $2 million. It is alleged that from approximately September of 2007 through March of 2008, Elbarki, doing business as Aventura Trust Investments Corporation (ATI), solicited money from two individuals who resided in South America. The individuals believed that they were investing in the short-term purchase and sale of residential mortgage loans, promising 50% returns. Instead, Elbarki allegedly misappropriated the investors' funds for personal use.
On December 11, 2008, Elbarki was indicted federally by the United States District Court, Southern District of Florida at Miami, Florida, for wire fraud and securities fraud. That same day, a federal warrant was issued for Elbarki's arrest.
As Fortress Prime top shareholder arrested in UAE, AtoZForex has reached out to the Fortress Prime officials for additional comments on the case. Currently, we are waiting for the response from the company.
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