Belvedere Group

    Owned by Irishman David Cosgrove and South African Cobus Kellermann, Mauritius-based Belvedere Group provided dishonest fund administration, investment management, insurance, marketing, and other services that allowed its clients to swindle more than $100 million from investors and launder the proceeds. After being exposed by OffshoreAlert in 2015, Belvedere Group was quickly closed down by regulators in Mauritius, Guernsey, and the Cayman Islands, citing widespread illegal activity, and three participants were disqualified as company directors in Mauritius, including Cosgrove. One of the most extraordinary aspects of OffshoreAlert's investigation was the conduct of South African news service Moneyweb, through its reporter Patrick Cairns and editor Ryk van Niekerk, which repeatedly published false and misleading information that portrayed Belvedere and its principals as victims, despite overwhelming evidence to the contrary from regulators in three jurisdictions, forensic investigators, OffshoreAlert, and even Belvedere's own auditor.
    Timeline
    18

    November

    2022

    Kijani Resources Ltd. et al v. Richard Fagan et al: Judgment (‘Default Judgment Application’)

    Judgment on default judgment application in Edgar Lavarello and Simon Conway, as Joint Liquidators of Kijani Resources Limited (in Liquidation) and Ratio Limited (in Liquidation) v. Richard Fagan, Simon Hooper, Lisa Billington, and William Redford at the Supreme Court of Gibraltar.

    29

    November

    2021

    Kijani Resources Ltd. et al v. Richard Fagan et al: Complaint (‘$82M Fraud’)

    Particulars of Claim in Edgar Lavarello and Simon Conway, as Joint Liquidators of Kijani Resources Limited and Ratio Limited v. Richard Fagan, Simon Hooper, Lisa Billington, and William Redford at the Supreme Court of Gibraltar.

    07

    June

    2021

    Thomas Doctoroff v. Crown Global Life Insurance Ltd. et al: Ruling

    Ruling denying summary judgment against Crown Global Life Insurance and granting summary judgment for $1.7 million against the other defendants regarding investments in the Mauritius-based Belvedere Management Group in Thomas Doctoroff, of New York, USA v. Crown Global Life Insurance Ltd., of Bermuda; Paul Gambles, of Thailand; MBMG Investment Advisory Company Ltd., of Thailand; MBMG Group Singapore Pte, of Singapore; MBMG International Custodians Ltd., of the British Virgin Islands; MBMG Asset Management Limited, of Mauritius, and Garmor Asset Management Ltd., of Mauritius, at Bermuda Supreme Court.

    30

    August

    2019

    NY client sues offshore firms over failed Belvedere Management investments

    Thailand-based British financial adviser Paul Gambles and his MBMG Group, including firms in the BVI, Mauritius, Singapore, and Thailand, are being sued for $3.5M in Bermuda by a U.S. client whose cash was invested in funds managed by the Belvedere Management Group, whose fraudulent operations were exposed by OffshoreAlert in 2015.

    23

    July

    2019

    Thomas Doctoroff v. Crown Global Life Insurance Ltd. et al: Writ of Summons

    Specially Endorsed Writ of Summons in Thomas Doctoroff, of New York, NY v. Crown Global Life Insurance Ltd., of Bermuda; Paul Gambles, a citizen of the United Kingdom residing in Thailand; MBMG Investment Advisory Company Ltd., of Thailand; MBMG Group Singapore Pte., of Singapore; MBMG International Custodians Ltd., of the British Virgin Islands; MBMG Asset Management Limited, of Mauritius, and Garmor Asset Management Ltd., of Mauritius, at Bermuda Supreme Court.

    gibraltar
    01

    July

    2019

    Kijani Gibraltar liquidators to sue NatWest Bank for ‘dishonest assistance’ to $98M fraud

    The liquidators of Gibraltar-domiciled Kijani Resources Ltd. and Ratio Ltd. intend to sue NatWest Bank for “dishonest assistance” to a $98 million fraudulent scheme headed by Irishman Richard Fagan that collapsed in 2015 after being exposed by OffshoreAlert.

    29

    June

    2018

    The Global Mutual Fund PCC et al: Administrators’ Final Report

    Final Report of the Joint Administration Managers of The Global Mutual Fund PCC Limited, The Worldwide Mutual Fund PCC Limited, and The Universal Mutual Fund ICC Limited – all part of the Belvedere Management Group – to The Royal Court of Guernsey and Investors.

    16

    August

    2017

    British firm Teyuteme Oil goes bust two years after being exposed by OffshoreAlert

    British firm Teyuteme Oil Plc, which OffshoreAlert exposed as a ‘crude vehicle to fleece investors’ 27 months ago, has gone into liquidation with an estimated £10.9 million loss of funds invested by a Gibraltar company that’s owned by a Cayman Islands fund vehicle.

    07

    November

    2016

    Two more Belvedere Management firms have licenses revoked in Mauritius

    Two more investment firms – Caldora International Fund and Caldora Asset Management – have had their licenses revoked in Mauritius as regulators continue to dismantle David Cosgrove’s Belvedere Management Group, which was exposed as a global financial criminal enterprise by OffshoreAlert in 2015.

    25

    October

    2016

    Mauritius FSC acts against three more Belvedere Management firms

    The Mauritius Financial Services Commission yesterday took action against three more companies – Belvedere Fund Manager Limited, Rejuvenation PCC Limited and Theseus Property Fund Ltd. – that are part of the Belvedere Management Group, which was exposed as a global criminal financial enterprise last year by OffshoreAlert.

    28

    August

    2016

    Belvedere’s David Cosgrove banned by Mauritius regulator

    Seventeen months after being exposed as a serial fraudster by OffshoreAlert, Irishman David Cosgrove has been banned from serving as a corporate officer in Mauritius, while fellow director Francess Henriette was also banned and Belvedere Management Limited has its management license revoked.

    19

    February

    2016

    Belvedere Management firm wound-up over ‘£36 m boiler room scam’

    A British affiliate of Belvedere Management Group that is ultimately-owned by Cayman Islands-domiciled Brighton SPC has been wound up “in the public interest” in London for involvement in a boiler room fraud that swindled investors out of £36 million. Another Belvedere affiliate is fighting a similar winding-up petition.

    30

    December

    2015

    The Global Mutual Fund PCC et al: Administrators’ First Report

    First Report of the Joint Administration Managers and the Joint Liquidators (Grant Thornton) of The Global Mutual Fund PCC Limited, The Worldwide Mutual Fund PCC Limited, The Universal Mutual Fund ICC Limited, and The Trinity Global Fund – all part of the Belvedere Management Group – to The Royal Court of Guernsey and Investors.

    12

    November

    2015

    Cayman Islands Monetary Authority v. Brighton SPC: Liquidators’ First Report

    First Report of Joint Official Liquidators in Cayman Islands Monetary Authority v. Brighton SPC at the Grand Court of the Cayman Islands.
    23

    September

    2015

    Anguilla regulator suspends Drake Incubator PCC after OffshoreAlert exposé

    Anguilla-based mutual fund vehicle Drake Incubator PCC – which is controlled by BVI-based Drake Fund Advisors and the Osiris Group – has been suspended from providing any licensed services to its only sub-fund – GRRE Investment Fund – after OffshoreAlert exposed one of GRRE’s directors, who is part of Belvedere Management Group’s global criminal financial enterprise.

    20

    September

    2015

    Two more Belvedere fund vehicles closed down by Mauritius regulator

    Two more Belvedere Management Group investment vehicles – The Two Seasons PCC and Venture Assets PCC – have been closed down by the Financial Services Commission in Mauritius.

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