Mars FX, the Los Angeles-based currency and gold hedge fund that once reported average annual gains of roughly 19% with no losing months over four years, has collapsed into Chapter 11 bankruptcy with nearly $600 million in investor funds unaccounted for.
The March 2026 bankruptcy filing in the U.S. Bankruptcy Court for the Southern District of New York listed more than 500 investors across multiple jurisdictions as creditors, and a sprawling web of criminal and regulatory investigations now spans at least three countries. For investors who lost money through Mars FX or through advisers and brokers who recommended the fund, recovery paths may exist beyond what the bankruptcy estate alone can provide.
Investors affected by hedge fund losses like those tied to Mars FX and your investment was facillitated by a financial professional, you may benefit from speaking with an alternative investment loss lawyer who can evaluate whether the professionals who recommended the fund met their obligations.
What Happened at Mars FX
Mars FX US LP operated as a hedge fund strategy focused on foreign exchange and gold trading out. According to court filings and media reports, the fund was managed or sponsored by Novus Capital Partners, with principals including David Choi and Ashish “Hash” Patel among those identified in connection with the fund’s operations.
The fund reportedly attracted hundreds of millions of dollars from investors across multiple countries, with the U.S. fund alone collecting approximately $331 million by February 2024. Between August 2020 and August 2024, Mars FX and an affiliated Cayman Islands fund allegedly placed about $277.4 million into a structure called Tech RealFX. When the fund attempted to withdraw that position in November 2024, the value was calculated at approximately $566.7 million, but the payment was never made.
A timeline of key developments shows how quickly the situation deteriorated:
- Late 2024: Investors began experiencing rejected withdrawal requests. The fund disclosed that it had “misjudged liquidity” and announced a planned wind-down.
- March 23-24, 2026: Mars FX filed for Chapter 11 bankruptcy protection in the Southern District of New York, listing more than 500 creditors.
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The Advisors Named in Mars FX Sales
Reporting states that Mars FX investors were referred to the hedge fund through Choi, friends, or registered investment advisers. In its Form D filings, the fund names three financial advisors who allegedly received sales compensation:
- Tamara Totah Picache (CRD# 6592304) of Old City Securities
- Andrew Kalt (CRD# 4681242) of Frontier Solutions
- Brent Gillett (CRD# 2729346) of Frontier Solutions
Kalt and Gillett are not currently registered as brokers or investment advisers, but Picache has recently been named in a complaint alleging $7.2 million in damages resulting from an investment in Mars FX.
How Meyer Wilson Werning Can Help
Meyer Wilson Werning represents investors nationwide who have suffered losses due to broker misconduct, fiduciary breaches, and inadequate oversight by financial professionals. With more than 75 years of combined experience and over $350 million recovered for clients across the country over the last 26 years, the firm has a proven track record in investment fraud recovery.
If you invested in Mars FX based on the recommendation of a financial adviser or broker, or if you believe the professionals handling your account failed to perform adequate research into the fund, you may have options for recovering your losses. Meyer Wilson Werning works on a contingency fee basis, meaning if the firm is not able to recover your losses, its services are at no cost to you. Contact us today for a free and confidential consultation to discuss your situation.
Our lawyers are nationwide leaders in investment fraud cases.
Frequently Asked Questions
What is Mars FX and how did its hedge fund operate before the collapse?
Mars FX US LP was a Los Angeles-based hedge fund strategy focused on currency and gold trading, managed or sponsored by Novus Capital Partners. The fund reportedly attracted more than 500 investors and claimed average annual returns of approximately 19% with no losing months over four years, a track record that drew scrutiny when the fund entered bankruptcy with nearly $600 million unaccounted for.
How much investor money is reported missing in the Mars FX case?
Multiple media and court sources report that nearly $600 million in investor funds are missing following the collapse. Figures cited across reporting range from approximately $566.7 million in a single unpaid Tech RealFX withdrawal to an overall estimate of roughly $598 million to $600 million. More than 500 investors appear on creditor lists as authorities and liquidators work to trace those funds.
What regulatory and criminal investigations involve Mars FX?
As of the latest reporting, a U.S. criminal fraud inquiry involving the FBI and a Manhattan grand jury is underway, alongside civil and regulatory investigations by the SEC, CFTC, UK Financial Conduct Authority, ASIC, and British Virgin Islands authorities. No criminal charges have been filed, and the allegations in related lawsuits remain pending and unproven.
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