Chapter 11 disclosure statements filed on 4 August 2026 in the Mars FX case identify Equiti Capital UK Limited in London and GO Markets Pty Ltd in Melbourne as holders of trading accounts that Mars FX US LP never disclosed to its own investors. The fund's offering documents had described those identities as commercially sensitive.
The estate is seeking records from both firms as it attempts to trace a claimed $566.7 million. Neither Equiti nor GO Markets is accused of wrongdoing, and the filing states that both brokers "are expected to hold broker-side records." GO Markets is authorised by the Australian Securities and Investments Commission (ASIC), while the London firm is authorised by the Financial Conduct Authority (FCA).
According to the filing, balances the estate may be entitled to sit in accounts held in the names of Tech RealFX Ltd and two associated companies, Labuan-registered 4XHUB Limited and Treal Capital Limited. Who beneficially owned the accounts remains open. Identically named companies exist in more than one jurisdiction: Tech RealFX and Treal in both the British Virgin Islands and Hong Kong, and 4XHUB in both Labuan and Hong Kong.
$277.4 million in, $566.7 million claimed
Mars FX and its Cayman affiliates put about $277.4 million into the Tech RealFX structure between August 2020 and August 2024. A withdrawal request in November 2024, including purported profits, valued the position at about $566.7 million. It was not paid.
Sponsor Novus Capital Partners told clients their capital would reach a master fund and then a technology partner regulated in the British Virgin Islands, which would route trades through regulated brokers. The offering documents said the broker names were "proprietary and sensitive," Bloomberg reported. A 2024 revision conceded that the technology partner, Tech RealFX Ltd, was neither a licensed broker nor a regulated custodian.
Mars FX reported gains averaging 19% a year and no losing month over four years, according to Bloomberg. Tech RealFX says its platform stopped operating in October 2022, while those returns continued to be reported.
Tech RealFX contests the claims
Tech RealFX disputes the claim. In an application to set aside a statutory demand, later discontinued in March 2025, it argued that third-party broker statements relied on by the fund were forged. Its defence, filed in November 2025, denies that it received or held client monies.
In December 2024, Novus told investors it had misjudged the fund's liquidity. A month later it said it would wind the funds down, citing complications from a Hong Kong money laundering investigation. More than 500 investors were listed as creditors when Mars FX filed for Chapter 11 in New York on 23 March.
Equiti Capital UK Limited has been FCA authorised since April 2011 under firm reference number 528328, holds permission to control client money and carries no disciplinary history on the register. It took its present name in 2018, when Equiti Group rebranded the prime broker Divisa Capital, and sells liquidity to institutional counterparties rather than running a retail book.
David Choi, who ran the fund, is a Wharton graduate who worked at Donaldson, Lufkin & Jenrette and TPG Capital before starting Novus. Co-founder Ashish "Hash" Patel worked at Merrill Lynch in Australia and helped found the coal company Indus Coal; in 2017 he co-developed the Mars FX trading system.
