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
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.
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.
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.
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.
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.
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.
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.
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.
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.
  • 1
  • 2