Mars FX Investment Losses: Investors May Have Options

Investors who lost money investing in Mars FX, a Los Angeles-based hedge fund sponsored by Novus Capital Partners, may have recovery options. Nearly $600 million was missing when the fund went bankrupt, according to an April 2026 Bloomberg report, with more than 500 investors are listed as creditors in the bankruptcy filing.

Founded in 2020, Mars FX offered investors the prospect of steady returns “from a complex combination of long and short positions in currency pairs, as well as gold,” per Bloomberg. It reportedly raised $331 in investments for Mars FX LP by early 2024, with these funds “invested in Mars FX or a related international fund by Novus.” David Choi, who ran the fund, also controlled Novus, alongside other principals. As of 2024, these individuals had reportedly collected a total of $22 million in fees, as alleged in one investor lawsuit.

The Bloomberg report notes that Mars FX’s investors came to the hedge fund via “Choi, friends or registered investment advisers.” The hedge fund’s Form D filings list three financial advisors who received sales compensation in connection with the investment: Tamara Totah (CRD# 6592304) of Old City Securities, Andrew Kalt (CRD# 4681242) of Frontier Solutions, and Brent Gillett (CRD# 2729346) of Frontier Solutions. Mr. Kalt and Mr. Gillett are currently not registered as a broker or an investment advisor. Ms. Totah, meanwhile, recently received an investor complaint alleging $7.2 million in damages stemming from an investment in Mars FX.

According to Bloomberg, federal prosecutors were reportedly investigating the fund as of the April 2026 Bloomberg report, and the SEC had received a referral. Nearly $600 million in funds have “gone missing,” and lawsuits have alleged “forgery and money laundering.”

If your financial advisor recommended an investment in Mars FX, you may have grounds to file a FINRA arbitration claim and pursue the recovery of damages. Carlson Law represents investors involved in claims against financial advisors and investment firms throughout the United States, who have a responsibility to recommend only investments that are suitable for their customers, based on reasonable due diligence. If you or a loved one have suffered losses investing in Mars FX bonds, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.