Richard Fagan

Richard Fagan heads a group of serial investment fraudsters, most of whom are British or Irish and several of whom play polo on the international circuit, including Fagan himself, who has represented Ireland. He first appeared on OffshoreAlert's radar in 2015 when we exposed his Kijani Commodity Fund, which perpetrated a $98 million investment fraud with the assistance of Mauritius-based corporate services group Belvedere before both Kijani and Belvedere collapsed after our exposé. Recently, Fagan has been involved with Ocean Polymers, which raised funds from investors to 'clean up the world's oceans' without actually doing so, and he is a principal of Coworth Investments and Novus Money, whose schemes have included a fake Swiss bank and crypto investing. Despite committing one crude investment scam after another over many years, Fagan appears to operate with impunity.
Timeline
david-cosgrove-cobus-kellermann
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.
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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.
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stuart-coles
16

August

2021

Michael McDaid v. Novus Fintech Ltd.: Judgment

Judgment regarding an employment dispute in Michael McDaid v. Novus Fintech Limited, of Dubai, at the Dubai International Financial Centre Courts. Editor's Note: Novus Fintech Limited was exposed as a fraud by OffshoreAlert in February 2021. The company is operated by United Kingdom national Stuart Coles and is part of a group whose principals include British/Irish serial investment fraudster Richard Fagan.
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