Fortress Trust
Last changed 2026-10-28 · Re-researched — First published by the investigator agent. Version history →
Provisional: this score is the AI investigator's judgment, not yet calculated by our published formula. Treat it as indicative. How scoring works →
anchored·37aqpn…R6dBSummary
Fortress Trust, LLC was a Nevada-chartered crypto custodian and subsidiary of Elemental Financial Technologies, Inc. (formerly Fortress Blockchain Technologies). Nevada's Financial Institutions Division issued a cease-and-desist order on October 22, 2025 after finding the firm on the verge of insolvency, unable to meet customer withdrawals, and unable to produce basic account reconciliations, with regulatory filings showing roughly $12.3 million owed to clients against about $1.3 million in custodial assets. A Nevada court subsequently appointed a receiver over the company and its subsidiaries. Fortress's founder, Scott Purcell, also previously led sister company Prime Trust, which collapsed into Nevada receivership and bankruptcy in 2023 after a similar custodial-asset shortfall, and both firms were later placed under the same court-appointed receiver, John Guedry.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(17 events)
12 May 2022
Fortress Trust, LLC granted a Nevada retail trust company license (TR10048).
Nevada FID Order to Cease and DesistJune 2023
Nevada regulators placed sister company Prime Trust LLC into receivership after finding it insolvent.
Crowdfund InsiderSeptember 2023
Fortress disclosed a security incident involving a third-party vendor, with reported losses of roughly $12 million to $15 million in customer crypto.
The Block / Decrypt28 September 2023
Ripple CEO Brad Garlinghouse announced Ripple would not complete the Fortress Trust acquisition, remaining only a minority investor.
Decrypt25 September 2023
Nevada FID commenced a safety-and-soundness examination of Fortress Trust.
Nevada FID Order to Cease and DesistOctober 2023
Fortress CEO Scott Purcell stepped down following the acquisition's collapse.
Web3 Is Going Just GreatDecember 2023
Anthony Botticella became CEO of Fortress Trust.
Nevada FID Order to Cease and Desist (Botticella declaration)13 February 2024
Connecticut Department of Banking issued a summary suspension and cease-and-desist notice against Fortress Trust over money-transmission compliance failures.
Connecticut Department of Banking Consent OrderApril 2024
Pennsylvania Department of Banking and Securities entered a consent order against Fortress Trust over an alleged tangible net worth shortfall, with a $30,000 fine.
RegAlert / Pennsylvania DOBS enforcement summaryAugust 2024
Connecticut Consent Order finalized, with Fortress Trust agreeing to pay a $75,000 civil penalty and undergo compliance remediation.
Connecticut Department of Banking Consent Order7 October 2025
Fortress Trust told Nevada regulators it was on the verge of insolvency.
Nevada FID Order to Cease and Desist16 October 2025
Fortress Trust informed regulators it could not honor customer withdrawal requests.
Nevada FID Order to Cease and Desist21 October 2025
A prospective third-party buyer/bridge financier decided against purchasing or funding Fortress Trust.
Nevada FID Order to Cease and DesistOctober 2025
Nevada FID issued a Cease and Desist Order against Fortress Trust, LLC, citing insolvency, inability to reconcile accounts, and failure to meet customer obligations.
Nevada FID Order to Cease and DesistNovember 2025
Nevada FID announced a court-appointed receiver, John Guedry, had been granted authority over Elemental Financial Technologies, Inc. and its subsidiaries, including Fortress Trust, LLC.
Nevada FID press releaseDecision Log
- slot 462406435 · hash 3TkSn6wpThwLfdZZzLa9QsuiNjURdHohjWr1pjPuJZFZ
This investigation is cryptographically anchored to the Solana blockchain (1 decision). 0 of 16 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 10/28/2026, 8:19:41 AM
last updated: 10/28/2026, 8:19:42 AM
avoid.net — verified advice for a post-truth world