George Ashkar – Fortress FCFutures

George Ashkar - Fortress FCFutures

George Ashkar, a former sole principal of Fortress Capital, Inc. (Fortress), agreed not to apply for associate membership or principal status with the National Futures Association for five years to resolve administrative charges brought by NFA.

http://www.GeorgeAshkar.com

https://www.linkedin.com/in/george-ashkar-aa583212

http://linkedin.com/in/george-ashkar-aa583212

http://www.fcfutures.com

https://www.google.co.uk/amp/s/www.financemagnates.com/forex/regulation/nfa-bars-fortress-for-helping-fx-traders-get-around-regulations/amp/

4117  N. Ocean Blvd

Fort Lauderdale, FL 33308-6015

E-mail : [email protected]

International Calls: (312) 878-7227

Domestic Calls: (800) 591-2393

Ashkar, a former sole principal of Fortress Capital, Inc. (Fortress), agreed not to apply for associate membership or principal status with the National Futures Association for five years to resolve administrative charges brought by NFA.

Fortress, which was also barred for the same period, is a former NFA-member operating as an introducing broker, commodity trading advisor, and forex firm. The bans follow an NFA Hearing Panel and complaint filed by the regulator’s Business Conduct Committee.

These violations included failure to record assets and liabilities and repeatedly submitting inaccurate financial statements, as well as the use of misleading promotional materials. In addition, Fortress failed to maintain minimum adjusted net capital, even though the firm was in a position to identify and stop the abuses.

After NFA informed Fortress of this capital shortfall, the broker obtained a capital infusion that brought it above its net capital requirement. However, the company did not report this capital deficiency with NFA until the end of February 2014.

Fortress has been an NFA member since 2010. Besides its futures and forex business, the company operated a number of other activities through its affiliated entities.

NFA’s probes into Fortress’ operations identified several deficiencies, including placing trades on behalf of some investors without obtaining the required written authorization to do so. Last year, the NFA introduced new amendments that require ‎forex dealer members to provide additional trade disclosures and firm-specific ‎information that include commissions and any other fees.

For Immediate Release

September 20, 2019

For more information contact:

Kristen Scaletta, 312-781-7860, [email protected]

Karen Wuertz, 312-781-1335, [email protected]

NFA bars former Fort Lauderdale, Fla. introducing broker and commodity trading advisor Fortress Capital, Inc. and its former sole principal George Ashkar from membership for five years

September 20, Chicago—NFA has barred Fortress Capital, Inc. (Fortress), a former NFA Member introducing broker, commodity trading advisor and forex firm located in Fort Lauderdale, Fla. and its former sole principal and associated person George Ashkar from membership for five years.

The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA’s Business Conduct Committee. The Hearing Panel found that Fortress failed to maintain adequate books and records by failing to properly record assets and liabilities and repeatedly submitting inaccurate financial statements and net capital calculations to NFA. More importantly, the Panel also concluded that Fortress failed to maintain minimum adjusted net capital.

The Hearing Panel also found that Fortress used misleading and deceptive promotional material. Finally, the Hearing Panel found that Fortress and Ashkar failed to adequately supervise Fortress’ use of promotional material and failed to have adequate procedures addressing ethics training, cybersecurity, forex operations and customer risk disclosures.

For more information, read the Complaint and Decision.

Fortress Lands in Hot Waters, Banned by NFA for Helping Forex Brokers Circumvent Regulations

https://www.corporationwiki.com/Florida/Boca-Raton/george-ashkar/27269678.aspx

Is George Ashkar - Fortress FCFutures a scam?
George Ashkar - Fortress FCFutures is a scam and a bad service provider as per the report filed on dirtyscam.com. They are not aggressive towards their customer satisfaction and complaint grievance.
Is George Ashkar - Fortress FCFutures legit?
First George Ashkar - Fortress FCFutures is not a legit business owner or provider. You must take necessary precautions/measures before buying or using their services.
How many reviews are submitted by George Ashkar - Fortress FCFutures ’s consumers?
There is/are 1 review(s) posted about George Ashkar - Fortress FCFutures and it indicates that the severity of the scam is Extremely High.
Where is George Ashkar - Fortress FCFutures located?
George Ashkar - Fortress FCFutures is located at LAUD BY SEA, FL 33308, USA. You can contact George Ashkar - Fortress FCFutures by dialing N/A or visit their website N/A before filing a lawsuit. We are no way affiliated with better business bureau or yelp reviews platform.
How much monetary loss is incurred by George Ashkar - Fortress FCFutures ’s customers?
According to the report(s), US $200000 was the total loss incurred by George Ashkar - Fortress FCFutures ’s customers.

Rate and write a review on George Ashkar – Fortress FCFutures

Your email address will not be published. Required fields are marked *

Reviews:0
Reported Loss :200000 $
Severity of Scam :Extremely High
Reported by : Anonymous
Views :