GO Markets accounts emerge in the money trail being investigated in the Mars FX collapse

GO Markets accounts have emerged in the investigation into almost US$600 million in missing funds linked to collapsed investment fund Mars FX, according to a new report by The Australian. Court filings show accounts in the names of TRFX, 4XHUB and Treal were held at the Melbourne-based CFD and forex broker.

According to a BrokersView investigation, MarFX was identified as an unregulated forex broker on August 8, 2024, after failing to disclose any regulatory information. TRFX had previously been identified as an unregulated forex broker by BrokersView on July 5, 2022. Meanwhile, 4XHUB was identified as a Ponzi scheme and ceased operations on March 28, 2025.

The case has drawn attention to a cross-border money trail involving offshore entities and more than 500 investors. However, the appearance of GO Markets accounts in the records does not establish wrongdoing by the broker. The Australian reported that there was no suggestion GO Markets knew how the accounts were being used.

Mars FX Background and Chapter 11 Bankruptcy

Mars FX US LP was structured as a pooled investment fund and hedge fund, according to its SEC filing. Its general partner was Novus Capital Partners LLC, with David Choi, Ashish Patel, Patrick Hofmann and Jae Choi listed as related persons and managers.

Mars FX co-founer Ashish ‘Hash’ Patel, left, photograped with fellow 'Car Collection Motorsport' driver Alex Fontana.

The picture is from "The Australian".

The fund focused on FX and gold trading and attracted investors with reported returns averaging about 19% annually without monthly losses. More than 500 investors were later listed as creditors, including Australian high-net-worth investors and family offices.

The financial problems became apparent in November 2024, when Novus allegedly attempted to redeem investor capital and purported trading profits from Tech RealFX Ltd (TRFX). The request was not fulfilled, according to reporting cited in the latest investigation.

By January 2025, Novus told investors it was taking steps to wind down the funds. In June 2025, Mars FX filed a claim against TRFX seeking about US$598 million.

Mars FX US LP subsequently filed for Chapter 11 bankruptcy protection on March 23, 2026, in the US Bankruptcy Court for the Southern District of New York. A case summary states that the bankruptcy followed an approximately US$566.7 million withdrawal request that Tech RealFX failed to honor. The different figures reflect separate claims and stages of the proceedings.

GO Markets Accounts Appear in the Money Trail

The latest development concerns the movement of funds through offshore entities and trading platforms.

According to The Australian, court filings from the Mars FX Chapter 11 case show that accounts held in the names of TRFX, 4XHUB and Treal were maintained at GO Markets. The report said funds moved from investors to Mars FX and an offshore feeder fund before passing through multiple jurisdictions and reaching TRFX.

GO Markets is an Australian CFD and forex broker. Its Australian website currently describes its business as offering CFDs across forex, indices, shares, commodities and other markets.

The broker did not respond to two written requests for comment cited by The Australian. Importantly, the report stated that there is no suggestion GO Markets knew how the accounts were being used and described the broker as a third-party platform through which some funds linked to the alleged fraud passed.

This distinction is important for forex broker due diligence. An account or transaction appearing in a court filing does not, by itself, prove that the broker participated in or knew about an alleged fraud.

More Than 500 Investors Face Uncertain Recovery

The scale of the losses is the central concern for investors.

Court filings cited by The Australian indicate that more than 500 investors were caught up in the losses. The group reportedly included Australian high-net-worth investors and family offices, while some former financial-industry professionals were also among those affected. The filings did not publicly identify all investors or disclose each individual's losses.

The recovery process is complicated by the international structure of the investments and disputes surrounding TRFX. Mars FX has sought to recover hundreds of millions of dollars, while liquidators and other parties continue efforts to trace the assets across jurisdictions.

The investigation also involves authorities in multiple jurisdictions. The Australian reported that ASIC has been asked to assist, while a US criminal fraud inquiry involving the FBI, a federal grand jury, the SEC and the CFTC is ongoing. No criminal charges have been filed, according to the latest report, and the investigation remains active.

The recovery of investor funds remains uncertain because investigators and liquidators have faced difficulties tracing transactions through incomplete TRFX financial records. The central question is not simply which brokers appeared in the transaction chain, but where the missing funds ultimately went and how much, if any, can be recovered.

Investor warning

For forex and CFD traders, the Mars FX collapse highlights the importance of checking more than a broker's brand name. Investors should verify the exact legal entity, regulatory licence, custody arrangements and fund-transfer structure before committing capital, particularly when an investment promises unusually consistent returns.

Traders should independently check broker regulation, licence status, legal entity and investor protections before depositing funds.

For more information, investors can review the broker profile, regulatory information and risk alerts on BrokersView broker page before making a trading decision.

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