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The investigation is focused on the accuracy Marex's assurances that it prepares its financial statements in accordance with relevant accounting rules and that it maintains sufficient disclosure controls and procedures.

Marex's assurances may have come under question when, on August 5, 2025, NINGI Research published a scathing report concluding that "Marex has engaged in a multi-year accounting scheme involving a web of opaque off-balance sheet entities, fictitious intercompany transactions, and misleading disclosures to conceal significant losses, inflate profits, and mask its true risk exposure."

NINGI's accusations include:

• "We found that Marex used an opaque fund structure in Luxembourg to manipulate earnings and mask risk[;]"
• "We found [that] Marex created a new undisclosed off-balance sheet entity, the 'Marex Fund'" and "[t]his new fund holds more than $930 million in derivatives, with Marex as the sole counterparty, yet is excluded from the group's risk models[;]"
• "In our opinion, Marex is exploiting revenue recognition policies to inflate trading income by selling OTC financial instruments (derivatives, structured notes, etc.) to its off-balance sheet 'Marex Fund'[;]" and
• "Marex claims strong operating cash flow (OCF) but that is a sham" because "[a]djusting for the billions in debt reported in OCF, Marex's OCF was negative ~$150 million in 2024 and negative ~$258 million in 2023."

The report has triggered national shareholders rights firm Hagens Berman to commence an investigation into whether Marex may have violated the securities laws. The firm urges Marex investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.

Press release

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