Iceberg Research

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Iceberg Research

Iceberg Research is a firm that aims to reveal "financial manipulation and accounting frauds."[1]

It is best known for its reports on Noble Group, once one of the largest commodity trading firms in the world. Reports by Iceberg, written by Arnaud Vagner starting in 2015, detailing accounting inaccuracies brought the company to the brink of collapse by August 2018. Nobel sued Vagner for the reports, but Iceberg and Vagner claimed it used public information provided by Noble and did nothing wrong.[2][3]


Iceberg appears to have started in 2015 but there is little known about the group, or its principals. Besides Vagner, no other associates are disclosed on Iceberg's website.

Iceberg initiated a call for a class-action lawsuit against Noble in August 2018.[4]

Key People[edit]