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
    15

    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,

    14

    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.

    08

    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.
    04

    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.

    02

    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.

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    30

    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.

    26

    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.

    17

    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”.

    06

    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.

    04

    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.

    02

    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.

    22

    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.

    24

    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.

    24

    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.

    22

    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.
    31

    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.

    30

    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.

    22

    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.

    21

    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.

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    17

    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.