We are short Marex Group $MRX. Our research concludes it's a financial house of cards built on a multi-year scheme of accounting manipulation, intercompany transactions, and fake profits. This thread breaks down our findings.

$MRX didn't refute or rebut our findings in its earnings call yesterday, they just omitted facts, or outright lied to investors. Any statement made by $MRX is not credible. Their word means nothing. Below is evidence form Marex Fund’s filings, which exposes CEO Lowitt’s lies.

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Ffs, it should be "they did NOT 'renew' Deloitte's mandate." .But any reader of the entire thread and the thread's attached screenshots will understand that that's a typo.

Here are the RCS Luxembourg filings so anyone can check for themselves:.Incorporation documents (citing EY as first auditor): Auditor change from EY to Deloitte: 2022 accounts: Deloitte's resignation:.

The evidence shows $MRX is lying. Will they claim it’s just a "big whoopsie?" If they can "whoopsie" an administrative task, how many "whoopsie" are buried in their financials?.

For 2023 and 2024, no audit confirms whether the Marex Fund's financials Deloitte used in the $MRX Group audit are fair or complete. EY hasn’t done it either — 11 months after Deloitte quit, EY still hasn’t filed as alleged auditor (as of 8/13/25).

$MRX asserts that Deloitte has full access to the Marex fund’s financials. The real issue, however, is whether those statements present a fair and complete picture of the Fund. Deloitte completed the 2022 accounts in June 2024 (!), then resigned.

There is no filing in the RCS Luxembourg indicating that EY took over the mandate from Deloitte. And there is also no evidence for Lowitt's claim in Marex own 2024 annual report. In fact: In 2024, $MRX did not report any expense to any other auditor than Deloitte. (pg. 181)

$MRX is talking that it's a technicality because they did "renew" Deloitte's mandate, but in the regulatory filings for changing from EY to Deloitte (on 9/13/2022) the term was set as indefinite, with no expiration date. See below.

Okay, we wanted to wait for the $MRX call transcript to double-check because we could believe what Marex told investors. On the claim that EY is now auditing the fund. Literally EY was appointed auditor at launch of the Marex Fund and then switched for Deloitte on 9/13/2022.

To be precise, that’s for the six-month period, not just Q2.

We are digging into $MRX Q2 results ahead of the call. Notable so far: a $1.6B jump in debt securities lifted OCF to $1.02B — without it, Marex's OCF is negative.

On tomorrow's $MRX earnings call, ignore the headline numbers. The only metrics that matter are the magnitude and source of non-cash profits. We urge investors and analysts to zero in on this during the Q&A. We are short $MRX. Find the full note here:

Our research found that a staggering 91.9% of $MRX's earnings attributable to common shareholders came from opaque, non-cash gains. Even by its preferred non-IFRS metric, these gains accounted for 58.6% of its claimed profitability.

New note on $MRX from us: Marex reports earnings tomorrow. We expect a classic “look over here!” strategy: a headline EPS “beat” designed to distract from the critical issues. The key question isn't if Marex beats, but how. See here:

Last year’s uplisting rumors surfaced just before #NorthernData raised $230M—and investors got burned. Not the first time: we flagged issues back in 2022. Read our report:

#NorthernData’s bitcoin mining unit is set to be sold to “Elektron Energy LP” for $235M. We couldn’t find any record of the buyer using multiple corporate registry databases. This raises questions about whether it even exists.

Last year, Bloomberg said #NorthernData aimed to list its AI arm at a $16B valuation in 2025. Today, it got a $1.2B takeover offer — 32% below Friday’s close. With Tether backing Rumble’s move, the deal will likely proceed.

Hi $MRX execs — why not take a step in the right direction?.With Q2 2025 results, publish Consolidated Cash Flow Statements for Q1 2024–Q2 2025, in the same format as the Form 20-F. No heavy lifting—the numbers are ready, and investors and sell-side will value the transparency.

$MRX stands out as the only broker in our review that does not release a cash flow statement alongside its quarterly results, yet it has exceeded analyst estimates every quarter. How much of that outperformance is attributable to non-cash gains from derivative instruments?.

If EPS is so important to you, here is a fact: 58% of Adj. PBT is coming from fair value gains on derivatives. Why is $MRX not adjusting its Adj. PBT metric for that non-cash profit?. And how much of that fair value gains are coming from $MRX trading with its off-balance fund?