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    Three Belvedere Management Group funds closed down by Guernsey regulator

    Three Belvedere Management Group fund vehicles - The Global Mutual Fund PCC, The Worldwide Mutual Fund PCC and The Universal Mutual Fund ICC - were today forced into administration by their local regulator in Guernsey, with similar applications against two affiliates, Trinity Global Fund and Lancelot Management Limited, adjourned to a later date.

    Guernsey FSC v. Lancelot Management Ltd. et al: Paul Yabsley Affidavit

    Affidavit by Paul Yabsley, Senior Analyst in the Enforcement Division of The Guernsey Financial Services Commission, in The Guernsey Financial Services Commission v. Lancelot Management Limited, The Global Mutual Fund PCC Limited, The Universal Mutual Fund ICC Limited, The Worldwide Mutual Fund PCC Limited, and The Trinity Global Fund at The Royal Court of Guernsey.

    CH Trustees SA v. Omega Services Group Ltd. et al: Claim Form

    Claim Form in CH Trustees SA, as Trustee of the Maple Leaf Trust, v. Omega Services Group Limited, Falcon House UHV (BVI) Limited, Mechiel Georg Kotze and Ian Paulus Van Zyl (as Trustees of the De Witt Trust), and Cannon Bridge Holdings Limited at the British Virgin Islands High Court.

    Mauritius regulator closes down RDL Management after OffshoreAlert exposé

    The Mauritius Financial Services Commission today closed down a third company that was exposed by OffshoreAlert 13 days ago as being part of a massive investment fraud perpetrated by Belvedere Management Group. RDL Management Ltd. had its 'Collective Investment Scheme Manager License' suspended and was placed into administration.

    RDL Management Ltd.: Appointment of Administrators

    Public Notice by the Mauritius Financial Services Commission announcing the appointment of Joint Administrators of RDL Management Ltd., which is co-owned by David Cosgrove and Cobus Kellermann and is part of the Belvedere Management Group.

    RDL Management Ltd.: License Suspension

    Public Notice by the Mauritius Financial Services Commission announcing the suspension of Collective Investment Scheme Manager License of RDL Management Ltd., which is co-owned by David Cosgrove and Cobus Kellermann and is part of the Belvedere Management Group.

    Jacobus Kellermann: Press Release (2015)

    Press Release by the South Africa Financial Services Board disclosing two regulatory investigations into Jacobus Kellermann in Guernsey and Mauritius.

    Mauritius regulator closes down two Belvedere Management fund companies

    Two key investment fund companies operated by Belvedere Management Group - Lancelot Global PCC and The Four Elements PCC - have had their business licenses revoked in Mauritius - four days after the group was exposed as a massive criminal enterprise by OffshoreAlert.
    david-cosgrove-cobus-kellermann

    EXPOSED: Belvedere Management’s massive criminal enterprise

    Offshore fund group Belvedere Management, which claims to have $16 billion of assets under administration, management and advisory, appears to be one of the biggest criminal financial enterprises in history, headed by David Cosgrove, Cobus Kellermann and Kenneth Maillard, OffshoreAlert can reveal.

    SEC v. Verdmont Capital S.A.: Verdmont’s Opposition to Asset Freeze

    Verdmont Capital's opposition to SEC's asset freeze application in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A. and Verdmont Capital S.A. at the U. S. District Court for the Southern District of New York.

    USA v. Jose Hawilla et al: Criminal Information

    Criminal Information in USA v. Jose Hawilla, Traffic Sports USA, Inc., and Traffic Sports International, Inc. at the U. S. District Court for the Eastern District of New York.

    New World Resources NV: Chapter 15 Petition

    Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Boudewijn Wentink, as the Foreign Representative of New World Resources NV, at the U. S. Bankruptcy Court for the Southern District of New York.

    Taylor Moor ‘victim’ of Axiom Legal Financing Fund, says boss

    Taylor Moor Ltd., which received commissions of more than £1.8 million from distributing Axiom Legal Financing Fund before going into liquidation last month, did not ultimately benefit from the Fund and is a "victim", says the firm's Managing Director, Malcolm Dixon. 

    Isle of Man FSC v. Louis Group Structured Fund PLC et al: Judgment

    Judgment in Isle of Man Financial Supervision Commission v. Louis Group Structured Fund PLC, Louis Group Structured Capital Limited, LG SP Investments Ltd., Louis Group International (Europe) Limited, Louis Group SLN Limited, Louis Group (IOM) Limited and Louis Asset Management SA at the Isle of Man High Court.

    Anton Stoeckl: Discovery Application

    Application of Anton Stoeckl for Judicial Assistance for an investigation into alleged fraud involving GK Finance, George Kallis, Brian Rance, and Fintop Ltd. at the U. S. District Court for the Southern District of New York.

    Lincoln Fraser and Jared Brook involved in new financial scandal

    British conmen Lincoln Fraser and Jared Brook, who masterminded the $400 million Imperial Consolidated fraud that failed in 2002, are embroiled in yet another international financial scandal involving a group that has done business under several names, including EasyKard, Saphrau, Wharfside, Quatro and G4 Group.

    Abdul Hussain Jaffar Rahmatallah Al Lawati et al v. Montague Morgan Slade Ltd. et al: Second Amended Complaint

    Second Amended and Supplemental Complaint filed by Abdul Hussain Jaffar Rahmatallah Al Lawati , Martin Baerschmidt, Guy Coghlan, Colin Jobe, Kevin Kapland, Vinico Fashion LLC, David Shaun Killa, Maheshchandra Purshottam Pawani, Michael Peers, MK Investment Services Limited, Mutrah Insofoam Co. (S.A.O.C.), Paulo Alexandre Da Costa Pereira, Steel Panel LLC, Ramesh Sajnani, Tulsidas Sajnani and Don Surrendra against Montague Morgan Slade Ltd., Anthony Heald; Julia Heald, Michael Brown; Brown Family Trust; Gordon Spedding; Mo-Mo-Mama Direct Access Trading; Mo-Mo Mama Ltd.; Mo-Mo-Mama Direct Access Trading LLC; Montague Morgan Slade Absolute Performance Fund Plc; Montague Morgan Slade Highly Diversified Fund Plc; Montague Morgan Slade 1095 Fund Plc; MMS Private Clients; MMS Private Clients FZE; MMS Private Clients FZC; Montague Morgan Slade Limited (Hong Kong); M.F. Montague Morgan Slade; Montague Morgan Slade Holdings Limited; Montague Morgan Slade S.L.; Micklegate Investments (BVI) Ltd.; Mark Hilliard; Mark Hilliard & Company; Peter Rigby: JST Lawyers; Keith Park Solicitors, B.M.H. Management S.A., SCF Secretarial Services S.A., ExPat Solutions Group; Emirates FX; Stephen White; Martin Kinsey; Vincent Hillsdon, Alan Toal, Coutts De Vere Holdings; Coutts De Vere Systems, Ltd.; Euroamerican Financial Association Ltd.; IP Investments Limited; Debra Ann Steel; Winfox Consulting; William P. Bonney; and G. Bonney at New York State Supreme Court.

    Irving Picard v. Sonja Kohn et al: Unredacted Amended Complaint

    Unredacted Amended Complaint filed by Irving Picard, as Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, against Sonja Kohn, a.k.a. Sonja Blau, a.k.a. Sinja Kohn, a.k.a. Sinja Blau, a.k.a. Sinja Turk; Erwin Kohn, Netty Blau, Robert Alan Kohn, Rina Hartstein (nee Kohn), Moishe Hartstein, Mordechai Landau, Erko Inc., Palladium Capital Advisors LLC, Windsor IBC Inc., Eurovaleur Inc., Infovaleur Inc., Tecno Development & Research Srl, Mariadelmar Raule, Tecno Development & Research Ltd., Shlomo (Momy) Amselem, Hassans International Law Firm, Herald Asset Management Ltd., Franco Mugnai, Paul de Sury, Daniele Consulich, 20:20 Medici AG, f.k.a. Bank Medici AG, Absolute Portfolio Management Ltd., MediciFinanz Consulting GmbH, Medici Srl, Medici Cayman Island Ltd., Bank Medici AG (Gibraltar), ReviTrust Services Est., Peter Scheithauer, Robert Reuss, Helmuth Frey, Manfred Kastner, Josef Duregger, Andreas Pirkner, Werner Tripolt, Andreas Schindler, UniCredit Bank Austria AG, Gerhard Randa, Stefan Zapotocky, Friedrich Kadrnoska, Ursula Radel-Leszczynski, Werner Kretschmer, Wilhelm Hemestberger, Harald Nograsek, Bank Austria Worldwide Fund Management Ltd., Bank Austria Cayman Islands Ltd., UniCredit SpA, Alessandro Profumo, Gianfranco Gutty, Pioneer Global Asset Management SpA, Sofipo Austria GmbH, M-Tech Services GmbH, Brera Servizi Aziendale Srl, Redcrest Investments Inc., Line Group Ltd., Line Management Services Ltd., Line Holdings Ltd., and Herald Consult Ltd. at the U. S. Bankruptcy Court for the Southern District of New York.

    Nortel GmbH et al: Chapter 15 Petition

    Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Alan Bloom, Christopher Hill, Alan Hudson, Stephen Harris, and David Hughes, as the Foreign Representative of Nortel GmbH, Nortel Networks (Austria) GmbH, Nortel Networks (Ireland) Limited, Nortel Networks AB, Nortel Networks BV, Nortel Networks Engineering Service Kft, Nortel Networks France SAS, Nortel Networks Hispania, SA, Nortel Networks International Finance & Holding BV, Nortel Networks NV, Nortel Networks OY, Nortel Networks Polska Sp. zoo, Nortel Networks Portugal SA, Nortel Networks Romania SRL, Nortel Networks SA, Nortel Networks SpA, Nortel Networks Slovensko, sro, and Nortel Networks, sro, at the U. S. Bankruptcy Court for the District of Delaware.

    Italy: Luciano Colelli et al

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Luciano Colelli, Scolastico Pitiglio, Gabriella Maria Ranieri, Giuliana Mula, Alessandro Zanni, Camillus Braxator and David Sean Luntz for alleged fraud to the detriment of the Italian Authors and Publishers Association.

    Tradex Swiss AG: Chapter 15 Petition

    Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Switzerland by Peter Lutz and Romeo Da Rugna, as the Foreign Representatives of Tradex Swiss AG, at the U. S. Bankruptcy Court for the District of Massachusetts.

    OffshoreAlert Awards: Best and Worst of 2005

    It was the usual round of lies, broken promises, incompetence, and losses in 2005 in the murky world that OffshoreAlert forces itself to inhabit to investigate and expose financial crimes. As each year passes, it becomes increasingly obvious to us that illegal, immoral, unethical, and incompetent behavior in business are the norm, rather than the exception. OffshoreAlert has dumpster-dived through all the trash that we have found during the year, picked out the smelliest items, and used them as the basis for our ‘Best and Worst' awards.

    Stephen Botes: Chapter 15 Petition

    Chapter 15 Petition for Recognition of a Foreign Main Proceeding in South Africa by Anton Lohse, as the Foreign Representative of Stephen Anthony Botes, at the U. S. Bankruptcy Court for the Northern District of Texas.

    United Kingdom: David Bampton et al

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into suspected fraud and money laundering by David Bampton, Peter Rust, Wassim Soufan and Imad Ajama.

    Judge slams hedge fund fraudster for ‘abuse’ of court system

    Investment fraudster Ian Renert has been severely criticized by a judge in the Bahamas, who accused him of “duplicity and dishonesty” and of abusing the legal system during four years of litigation.After defrauding investors in his offshore hedge funds, Renert then sought to mislead the judiciary in an effort to impede civil and criminal investigations into his activities by the Securities Commission of the Bahamas, the SEC in the United States and an unidentified U. S. law enforcement agency, stated Mr. Justice Lyons in a ruling on June 21, 2005.

    UK litigation funding flops try again with new group called Strathmore

    Former insiders of two U. K. litigation funding scams that collapsed with combined losses of nearly $500 million are behind a recycled version of the same scheme, OffshoreAlert can reveal. The new business - operating under the brand name 'Strathmore' - encompasses companies in the Bahamas, Canada, the United Kingdom and Africa.

    Portugal seeks evidence in Texas for investigation into alleged fraud against Banco Espirito Santo

    Article based on an application to collect evidence for a criminal investigation into suspected fraud - pursuant to a request for judicial assistance from Portugal - that was filed at federal court in the USA on May 17, 2004. Individuals and businesses mentioned in the request for assistance include Hassan Raef Hamze, Skyport Computers, Hanna Car Hendles GmbH, Manuel Carvalho de Sousa, Elie Hanna, Efax.com, J2 Global Communications, KBC Bank, Banco Espirito Santo, Bank Fuer Tirol Und Vorarlberg, and Bank One.

    Investors sue Lancer Group service providers for $570 m

    Eighty-six investors from 19 countries who claim to have invested more than $570 million in the Lancer Offshore Group have filed a lawsuit against its directors, administrator, auditor and prime broker. The three biggest claimants are all based in Montreal, Canada: Fondation Lucie et Andre Chagnon, a charity with a claim for $100 million; Bombardier Inc., the world's biggest train maker and third largest civil aircraft manufacturer whose pension fund has a claim for $68 million; and the University of Montreal's pension fund, with a claim for $67 million.

    Citco slammed by Lancer Group Receiver

    An offshore fund administrator has been accused of "impeding" the investigation in the United States into the $600 million collapse of the Lancer group of hedge funds. Citco Fund Services (U.S.A.) Inc. has refused to turn over records concerning BVI-registered Lancer Offshore Inc. and The OmniFund Ltd., which its Netherlands Antilles affiliate administered.

    Zambia: Frederick Jacob Titus Chiluba et al (Florida)

    Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Zambia - for a criminal investigation into Frederick Jacob Titus Chiluba, Xavier Franklin Chungu, Bede Mphande, Stella Mumba Chibanda, and Atan Shansonga for suspected corruption and theft.

    Zambia: Frederick Jacob Titus Chiluba et al (Texas)

    Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Zambia - for a criminal investigation into Frederick Jacob Titus Chiluba, Xavier Franklin Chungu, Stella Chibanda, Atan Shansonga, Bede Mphande and Faustin Mwenya Kabwe for suspected corruption and theft.

    Ian Renert abandons SEC action, starts up again in South Africa

    Unlicensed fund manager Ian Renert has abandoned his defense of a $22 million securities fraud lawsuit in the United States and apparently moved overseas to start a new investment scheme.After more than two years of fighting an action filed by

    Insider Talking: August 31, 2003

    Fund manager Brian Paul Kuhn pleads guilty at the Grand Court of the Cayman Islands to several counts of theft of client funds; Switzerland investigates theft of financial data by computer hackers; HedgeWorld Limited closes Bermuda office and relocates its staff to New York; "Marc Harris stole your funds", investment fraudster tells clients; Bermuda-based Bank of Butterfield and Bank of Bermuda expand overseas; and career conman David Tedder is sentenced to five years in prison, fined $1.06 million and ordered to forfeit $2.7 million at federal court in the USA.

    Hedge fund group receives Cayman license, seeks to profit from penny stocks

    An offshore hedge fund has been set up by a group with an eye-popping record of profiting from trades in penny stocks whose issuers have collectively lost more than $1.2 billion. Cornell Capital Partners Offshore Ltd. was licensed as a mutual fund by the Cayman Islands Monetary Authority on July 1, 2003. 

    Bankruptcy petitions filed against Imperial Consolidated founders

    Bankruptcy petitions have been filed against Lincoln Fraser and Jared Brook, co-founders of the fraudulently-operated Imperial Consolidated Group, which collapsed owing more than $300 million. The petitions were filed at Grimsby County Court, England on March 7, 2003 and are scheduled to be heard on May 2, 2003, according to a court spokesperson.