Belvedere Group
February
2025
Dubai-based U.K. national Richard Fagan ordered to pay £62M by Gibraltar judge for Kijani Commodity Fund fraud
Dubai-based, British national Richard Fagan has been ordered to pay £62 million by a Gibraltar court for swindling investors in Kijani Commodity Fund, a Mauritius and then Cayman Islands-domiciled fund that raised $123 million from pension funds and private investors before collapsing after being exposed by OffshoreAlert in 2015.
February
2025
Kijani Resources Ltd. (in Liquidation) et al v. Richard Fagan: £62M Judgment (Fraud)
Judgment ordering Richard Fagan to pay £62 million in Edgar Lavarello and Simon Conway, as Joint Liquidators of Kijani Resources Limited and Ratio Limited v. Richard Fagan, a citizen of the United Kingdom residing in Dubai, United Arab Emirates; Simon Hooper, and William Redford at the Supreme Court of Gibraltar.
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.
May
2022
David Cosgrove et al v. Mauritius Financial Services Review Panel: Judgment (Setting Aside Judicial Review Applications)
Judgment setting aside two applications for judicial review in David Cosgrove and RDL Management Limited v. The Financial Services Review Panel at the Supreme Court of Mauritius.
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.
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.
September
2020
Simon Hooper pleads guilty to fraud in England
United Kingdom national Simon Hooper has pleaded guilty to three counts of fraud involving British firm Rationale Investments Limited, which purports to be a property investment firm.
April
2020
Swan Developments becomes latest member of British fraud group to collapse
Scotland-based Swan Developments Management Limited has become the latest firm to go into liquidation that was operated by, or associated with, the notorious Swan Group of British investment fraudsters.
November
2019
Jacobus Kellermann: Press Release (2019)
Press Release by South Africa’s Financial Sector Conduct Authority announcing that an “inspection found no evidence of any breaches of the relevant South African financial sector laws” by Jacobus Kellermann.
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.
August
2019
Rajindersingh Borthosow: Public Notice of Cancellation of Disqualification
Public Notice by the Mauritius Financial Services Commission regarding the cancellation of the disqualification of Rajindersingh Borthosow.
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.
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.
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.
March
2018
Cobus Kellermann v. Tiso Blackstar Group (Proprietary) Ltd.: Defamation Complaint
Combined Summons in Jacobus Everhardus Kellermann v. Tiso Blackstar Group (Proprietary) Limited at the High Court of South Africa.
November
2017
Cobus Kellermann v. Alec Hogg: Defamation Complaint
Combined Summons in Jacobus Everhardus Kellermann v. Alexander Brian Hogg at the High Court of South Africa.
November
2017
Rajindersingh Borthosow: Cancellation of Disqualification
Determination of the Mauritius Financial Services Review Panel cancelling the disqualification of Rajindersingh Borthosow.
September
2017
With news services like South Africa’s Moneyweb, no wonder fraudsters thrive
For a few years now, I’ve been flabbergasted by articles published by South African financial news service Moneyweb about Belvedere Management Group, which OffshoreAlert exposed as a global criminal financial enterprise in 2015.Since OffshoreAlert’s exposé, Moneyweb has gone out of
September
2017
Guernsey FSC v. Belvedere Group: Letter
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.
June
2017
OffshoreAlert target Eligere Investments files for liquidation
British firm Eligere Investments Plc, whose purported market capitalization was £117 million when OffshoreAlert exposed it as a worthless component of a global fraud two years ago, has gone into liquidation.
January
2017
Mauritius bans three more Belvedere Management Group directors
Three more individuals – Kenneth Maillard, Laval Law and Rajindersingh Borthosow – have been banned from the financial services industry in Mauritius as a result of their involvement in the Belvedere Management Group, which was exposed as a fraudulent enterprise by OffshoreAlert in 2015.
December
2016
Rajindersingh Borthosow: Disqualification
December
2016
Kenneth Maillard: Disqualification
December
2016
Laval Law: Disqualification
December
2016
Belvedere Fiduciary Ltd.: License Revocation
December
2016
David Cosgrove v. Mauritius FSC: Review Panel Decision
Decision setting aside an application by David Cosgrove in David Cosgrove v. Mauritius Financial Services Commission at the Mauritius Financial Services Review Panel.
November
2016
Frigate Investment Management Ltd.: License Termination
Public Notice by the Mauritius Financial Services Commission announcing the license termination of Frigate Investment Management Ltd.
November
2016
Frigate Private Equity Fund PCC: License Termination
November
2016
RDL Management Ltd.: License Revocation
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.
November
2016
Caldora Asset Management Ltd.: License Revocation
November
2016
Caldora International Fund PCC: License Revocation
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.
October
2016
Theseus Property Fund Ltd.: Withdrawal of Authorization
Public Notice by the Mauritius Financial Services Commission announcing that it has withdrawn the authorization of Theseus Property Fund Ltd. to act as a Collective Investment Scheme.
October
2016
Rejuvenation PCC Ltd.: License Revocation
Public Notice by the Mauritius Financial Services Commission announcing the revocation of the Global Business License of Rejuvenation PCC Limited.
October
2016
Belvedere Fund Manager Ltd.: License Suspension
Public Notice by the Mauritius Financial Services Commission announcing the suspension of the Manager nd Investment Adviser Licenses of Belvedere Fund Manager Limited.
September
2016
Mauritius FSC v. David Cosgrove: Cosgrove’s Review Application
Application by David Cosgrove to the Mauritius Financial Services Review Panel for a review of regulatory action taken against him.
August
2016
Mauritius FSC v. Lancelot Global PCC et al: Liquidator Appointment
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.
August
2016
Mauritius FSC v. Francess Henriette: Disqualification Notice
August
2016
Mauritius FSC v. Belvedere Management Ltd.: License Revocation
August
2016
Mauritius FSC v. David Cosgrove: Disqualification Notice
July
2016
Cayman’s DMS Bank sued by victims of CWM Group’s £50M investment fraud
Cayman Islands-based DMS Bank and a BVI-domiciled client are being sued by 318 victims of a £50 million investment fraud that was committed by Anthony Constantinou’s CWM Group.
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.
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.
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.
November
2015
Cayman Islands Monetary Authority v. Brighton SPC: Liquidators’ First Report
October
2015
Brighton SPC: Liquidation Notice
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.
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