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

December

2013

The Four Elements PCC: 2013 Audited Financials

Financial Statements of The Four Elements PCC Limited for the year ended December 31, 2013. In issuing a qualified opinion, auditor BDO stated that more than one-third of the claimed assets of nearly €200 million might not exist or be recoverable.

October

2014

Lancelot Global PCC: Warning

Public Warning by the Mauritius Financial Services Commission against Lancelot Global PCC.

October

2014

The Four Elements PCC: Warning

Public Warning by the Mauritius Financial Services Commission against The Four Elements PCC.

November

2014

Rajindersingh Borthosow v. Belvedere Fiduciary Ltd.: Complaint

Complaint in Rajindersingh Borthosow v. Belvedere Fiduciary Ltd. at the Mauritius Industrial Court.

March

2015

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.

March

2015

Lancelot Global PCC, The Four Elements PCC and Belvedere Management Limited: Communiqué

Communiqué from the Mauritius Financial Services Commission in response to OffshoreAlert's exposé of Lancelot Global PCC, The Four Elements PCC and Belvedere Management Limited.

March

2015

Brighton SPC: Proposed New Directors

Letter from BVI-based Drake Fund Advisors Ltd. to shareholders of Cayman Islands-domiciled Brighton SPC announcing the resignation of its board of directors and the identities of proposed new directors.

March

2015

The Four Elements PCC: License Revocation

Public Notice announcing the revocation of the 'Global Business Licence' and 'Collective Investment Scheme Authorization' of The Four Elements PCC by the Mauritius Financial Services Commission.

March

2015

Lancelot Global PCC: License Revocation

Public Notice announcing the revocation of the 'Global Business Licence' and 'Collective Investment Scheme Authorization' of Lancelot Global PCC by the Mauritius Financial Services Commission.

March

2015

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.

March

2015

Cayman hedge fund Brighton SPC suspended in aftermath of Belvedere Management Group exposé

Cayman Islands-domiciled hedge fund Brighton SPC has been suspended by its directors, David Egglishaw and John Cullinane, after OffshoreAlert revealed it was part of a criminal financial enterprise operated by Mauritius-based Belvedere Management Group.

March

2015

Lancelot Global PCC et al: Appointment of Administrators

Public Notice by the Mauritius Financial Services Commission announcing the appointment of Joint Administrators for Lancelot Global PCC and The Four Elements PCC, which are part of the Belvedere Management Group.

March

2015

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.

March

2015

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.

March

2015

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.

March

2015

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.

March

2015

DMS Bank & Trust Ltd. et al v. Jazeb Jones: Writ & Statement of Claim

Writ and Statement of Claim in DMS Bank & Trust Ltd. and dms Organization Ltd. v. Jazeb Jones at the Grand Court of the Cayman Islands.

March

2015

Belvedere Management’s London unit ‘like Wolf of Wall Street’, says former employee

Victims of Belvedere Management Group's global fraud scheme were pouring so much money into its London division that 33-year-old boss Anthony Constantinou regularly threw huge wads of cash up in the air for employees to grab as it rained down or scoop from the floor while on their hands and knees, according to a former employee.

April

2015

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.

April

2015

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.

April

2015

Belvedere’s David Cosgrove & Cobus Kellermann lambasted by Guernsey regulator

A Guernsey regulator has essentially portrayed Belvedere Management Group principals David Cosgrove and Cobus Kellermann as serial fraudsters with little or no regard for the well-being of investors who, including other funds around the world, have entrusted them with hundreds of millions of dollars and possibly billions since the group began in or around 2008.

April

2015

Belvedere Management Ltd.: License Suspension

Suspension of the Management License of Belvedere Management Limited by the Mauritius Financial Services Commission.

May

2015

BUSTED: British & Irish expats who help Belvedere Group swindle investors

One day after new directors were appointed to 'ensure' that Cayman-domiciled Brighton SPC would be operated legally, the Fund illegally acquired a Gibraltar firm with bogus assets of $125 million, OffshoreAlert can reveal. The transfer allowed Belvedere and its accomplices in Britain, Dubai, Gibraltar, Spain and elsewhere to continue securities frauds involving firms listed on stock exchanges in Denmark, England and Germany.

May

2015

Belvedere Fiduciary Ltd.: License Suspension

Public Notice by the Mauritius Financial Services Commission announcing the suspension of the 'Management License' of trust company Belvedere Fiduciary Limited.

June

2015

Belvedere’s Brighton SPC taken over by Cayman regulator

Belvedere Management Group fund vehicle Brighton SPC, which was exposed as a fraud by OffshoreAlert 11 weeks ago, has been taken over by the Cayman Islands Monetary Authority following the completion of a "forensic examination" by the regulator.

June

2015

Danish stock exchange suspends two Belvedere Group issuers

The listings of British firms Eligere Investments Plc and Fulhold Pharma Plc, which are controlled by Mauritius-based fraud group Belvedere Management, were suspended yesterday by Danish stock exchange GXG Markets.

June

2015

Belvedere Fiduciary’s license suspended by Mauritius regulator

Citing 'breach of fiduciary duty', the Mauritius Financial Services Commission has suspended the license of trust company Belvedere Fiduciary Limited, which is part of a rapidly-disintegrating fraudulent global business empire controlled by Irish business consultant David Cosgrove and South African fund manager Cobus Kellermann.

June

2015

‘Flash Crash’ suspect Navinder Sarao files bizarre ‘cease & desist’ letter with US court

'Flash Crash' fraud suspect Navinder Sarao has filed a bizarre "cease and desist" document at federal court in the United States that calls into question his sanity. In a rambling letter, the British citizen and resident who is currently fighting extradition wrote that the U.S. was trying "to make an idiot of him" and that "a complaint against an idiot is wrong".

June

2015

Belvedere’s Kijani Resources goes into liquidation in Gibraltar

Kijani Resources Limited, which is a key component of international investment frauds committed by Irishman David Cosgrove's and South African Cobus Kellermann's Belvedere Management Group, has gone into liquidation in Gibraltar.

June

2015

Belvedere associate Brian Weal’s latest fraud: Publicly-listed Etaireia Investments

OffshoreAlert's continuing investigation into Belvedere Management Group and its affiliates has uncovered another ongoing investment fraud, this one involving British firm Etaireia Investments Plc, whose shares are listed on the London-based ICAP Securities & Derivatives Exchange and which has raised at least £1.5 million over the last 15 months.

July

2015

CWM fraudster Anthony Constantinou to be charged with sexually assaulting three former employees

London-based fraudster Anthony Constantinou, who oversaw a forex fraud division of the Belvedere Management Group that is known as CWM, will be criminally charged in London on Monday with six counts of sexual assault against three former female employees, OffshoreAlert can reveal.

July

2015

Trading in shares of Etaireia Investments suspended after OffshoreAlert exposé

Trading in shares of British firm Etaireia Investments Plc were suspended on the London-based ICAP Securities & Derivatives Exchange yesterday - two days after OffshoreAlert exposed the company's fraudulent activity.

July

2015

British firm Etaireia Investments admits OffshoreAlert’s exposé was true

Three days after being exposed by OffshoreAlert, publicly-listed British firm Etaireia Investments Plc has admitted it falsely announced last year that it had received planning permission for a substantial residential development on land it owns in Scotland. The company is blaming the fraud on a former director, Stuart Black.

July

2015

Sexual assault case against CWM fraudster Anthony Constantinou adjourned for two weeks

A criminal action for sexual assault against London-based investment fraudster Anthony Constantinou has been adjourned until July 20th, a source has told OffshoreAlert. It is unclear whether he has been officially charged or not.

July

2015

Belvedere Fund had €67 m of doubtful assets, says auditor BDO

More than one-third of the nearly €200 million of assets reported by one of Belvedere Management Group's offshore fund vehicles in 2013 was doubtful, according to auditor BDO (Mauritius).

July

2015

CityGate Securities Ltd: License Suspension

Public Notice by the Mauritius Financial Services Commission announcing the suspension of the Investment Dealer (Broker) License and Global Business License of CityGate Securities Limited.

July

2015

Mauritius regulator acts against another Belvedere Management company

Offshore stockbroker CityGate Securities Limited, which is part of the fraudulently-operated Belvedere Management Group, has had its license suspended by the Mauritius Financial Services Commission.

September

2015

Cayman Islands Monetary Authority v. Brighton SPC: Winding Up Petition

Winding Up Petition in Cayman Islands Monetary Authority v. Brighton SPC at the Grand Court of the Cayman Islands.

September

2015

Two Seasons PCC: License Revocation

Public Notice by the Mauritius Financial Service Commission announcing the revocation of the business license of The Two Seasons PCC, which is part of Belvedere Management Group.

September

2015

Venture Assets PCC: License Revocation

Public Notice by the Mauritius Financial Services Commission announcing the revocation of the business license of Venture Assets PCC, which is part of Belvedere Management Group.

September

2015

Cayman regulator applies to liquidate Belvedere’s Brighton SPC, cites ‘fraud’

Nearly six months after an OffshoreAlert exposé, the Cayman Islands Monetary Authority has petitioned to wind up Belvedere Management Group investment vehicle Brighton SPC, citing evidence of fraud "from inception" in which at least US$83 million of investors' funds has disappeared.

September

2015

Nicolaas Faure & Drake Fund Advisors – An embarrassment to the BVI

The measure of any person or business is not whether they become involved in controversy but the actions they take when such controversy occurs.Within hours of OffshoreAlert exposing Belvedere Management Group as a "massive criminal financial enterprise" on March 17th,

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.

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.

October

2015

Cayman Islands Monetary Authority v. Brighton SPC: Reasons for Winding Up

Reasons for Winding Up Order in Cayman Islands Monetary Authority v. Brighton SPC at the Grand Court of the Cayman Islands.

October

2015

Brighton SPC: Liquidation Notice

Public Notice by the Cayman Islands Monetary Authority that Brighton SPC was placed into liquidation on October 6th, 2015.

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.

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.

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.

March

2016

CityGate Securities Ltd.: License Revocation

Public Notice by Mauritius Financial Services Commission announcing the revocation of the Broker License and Global Business License of CityGate Securities Limited, which was part of the Belvedere Management Group.