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.
Read More
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.
Read More
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.
Read More
08

March

2022

Kijani Resources Ltd. v. Richard Fagan et al: $134M Judgment Application

Application for a default judgment in the amount of $134 million against Richard Fagan, Simon Hooper, and William Redford in Edgar Lavarello and Simon Conway, as Joint Liquidators of Kijani Resources Limited (in Liquidation) v. Richard Fagan, Simon Hooper, Lisa Billington, and William Redford at Gibraltar Supreme Court.
Read More
15

March

2022

Coworth Fintech Ltd.: Public Censure

Decision Notice by the Dubai Financial Services Authority that it has imposed a Public Censure on Coworth Fintech Ltd., whose "sole owner and director" was identified as Stuart Coles, a citizen of the United Kingdom.
Read More
15

March

2022

Coworth Investments Ltd.: Public Censure

Decision Notice by the Dubai Financial Services Authority imposing a Public Censure on Coworth Investments Ltd., whose "sole owner and director" was identified as Stuart Coles, a citizen of the United Kingdom.
Read More
15

March

2022

Novus Fintech Ltd.: Public Censure

Decision Notice b the Dubai Financial Services Authority that it has imposed a Public Censure on Novus Fintech Ltd., whose "sole owner and director" was identified as Stuart Coles, a citizen of the United Kingdom.
Read More
Ocean Polymers
05

April

2022

Richard Fagan-linked Ocean Polymers staves off compulsory strike-off

A seemingly fraudulent British company that has raised £1.4 million from investors to 'clean up the world's oceans' has belatedly filed its annual accounts to stave off forced dissolution. Ocean Polymers Ltd. filed its 2021 accounts two months' late on April 1st - one day after OffshoreAlert asked the firm's principals about a compulsory strike-off action by the Registrar of Companies.
Read More
19

September

2022

‘Remove my name from Belvedere Group article or I’ll sue’, writes Gibraltar service provider Philip Cartwright

Letter from Gibraltar-based corporate services provider Philip Cartwright threatening to sue OffshoreAlert unless we removed his name from an article about the now-defunct, fraudulently-operated Belvedere Group in which he was identified as a director of Ratio Enterprises Limited, which was part of Belvedere client Richard Fagan's fraudulent Ratio Group. In subsequent correspondence, Cartwright informed OffshoreAlert in writing that "I have never been a director of a company called Ratio Enterprises Limited". OffshoreAlert then emailed him a copy of Ratio Enterprises’ 2011 annual return with Gibraltar’s Companies House that he himself signed and in which he twice identified himself as a director of the company.
Read More