Mars FX claimed 19% a year with zero losing months — $600M is now missing

Mars FX, run by David Choi's Novus Capital Partners, marketed a long-short currency and gold strategy to investors through a US feeder fund and Cayman/BVI vehicles. It reported roughly 19% annual returns with no losing month across its entire operating history — a track record no legitimate fund matches. Choi told investors trades were executed through a BVI technology partner, later identified as TRFX, whose identity Novus refused to disclose, calling it "proprietary and sensitive."

Redemption requests began getting rejected in November 2024. Investors then discovered TRFX had ceased operating in 2022 — meaning the fund could not have been executing the trades it claimed for at least two years, and its own auditor Deloitte had issued clean opinions from 2020 through 2023 without independently confirming the assets existed.

Liquidation proceedings opened in the Cayman Islands and British Virgin Islands in March 2026. The US-based fund alone showed a $331 million shortfall as of February 2024; total exposure across the associated funds runs to roughly $600 million. The FBI, the SEC, the CFTC and the UK's Financial Conduct Authority have opened investigations, and Deloitte faces lawsuits over its audits; as of mid-2026 no charges have been filed and most of the money remains unaccounted for.