Fast Track Trading (FTT), a once-prominent prop trading firm, is facing severe scrutiny as leaked audio from CEO Scott reveals plans to abandon the firm’s operations and pivot to a hedge fund, despite millions of unpaid client funds. The audio, accompanied by damning chat logs, exposes a firm allegedly running on deception, with over $16 million unaccounted for and a cryptocurrency wallet linked to FTT holding millions in Bitcoin. The revelations paint a chaotic picture of financial mismanagement, potential fraud, and an apparent disregard for clients.
Inside the Leaked Audio: Blame-Shifting and New Ventures
In the leaked meeting, Scott acknowledges “mistakes” but shifts much of the blame to critics and YouTubers for spreading “FUD” (fear, uncertainty, and doubt). Astonishingly, he then reveals plans to start a hedge fund, despite FTT’s insolvency. Many in the trading community are baffled by Scott’s intention to launch another financial venture when FTT still owes clients substantial payouts. One trader reacted, “Who in their right mind would give them money to invest for them?”
Missing Millions and a Bitcoin Wallet Tied to FTT
Financial discrepancies have raised questions about the actual destination of funds within FTT. The firm reportedly generated over $31 million, yet only $15 million has been accounted for in trader payouts. A recently identified Bitcoin wallet tied to FTT and Scott holds around $12 million, which some suspect could be part of the unaccounted funds. Some allege that these missing funds went directly to Scott, his wife, and close associates, adding fuel to the growing suspicion of misappropriated assets.
Internal Chat Leaks: “Big Fish Only” and Backlash Against Influencers
The leaked internal chat logs further reveal a dismissive attitude from FTT’s leadership toward smaller investors. Scott and other FTT figures allegedly expressed disdain for “small fish” clients, with discussions centered on targeting “big fish” influencers to maintain cash flow. These logs have also sparked backlash against YouTubers and social media personalities who promoted FTT despite numerous red flags.
Refunds or Empty Promises?
As FTT shut down, the company promised refunds “on a first-come, first-serve basis,” though only 18 refunds were reported among thousands owed. One trader managed to get $660 back but noted that they still have unpaid approved payouts. Many believe the refund promises are merely a tactic to buy time, as FTT’s liquid assets are largely in vendors’ hands, with a reported $1 million retained by service providers.
Industry Fallout and the Lesson for Investors
The FastTrack Trading saga highlights critical issues for the prop trading industry. For investors, it underscores the importance of scrutinizing not only a firm’s business practices but also its leadership. Traders are calling for a shift toward regulated firms with transparent financial practices, such as Topstep and TickTickTrader, which offer added protections for their clients.
As investigations into FTT continue, former clients are urged to pursue legal action or dispute transactions where possible. The incident serves as a painful reminder to approach high-yield investment opportunities with caution and to be wary of firms lacking transparency, accountability, or the stability needed to honor their commitments.
