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BUSTED: British & Irish expats who help Belvedere Group swindle investors

May 22, 2015 by David Marchant

HIGHLIGHTS

  • Expats in Gibraltar & Spain play key part in Belvedere Group's extraordinary global fraud
  • One of them is Richard Fagan, who plays polo for Ireland. Pictured below is his 'superyacht'
  • Scams involve firms on London Stock Exchange's AIM, Denmark's GXG Markets & Germany's Dusseldorf Stock Exchange
  • One issuer's 'Chief Scientist' is South Africa-based 'quack' with 'herbal cure for HIV virus'
  • Belvedere partners include Weavering Capital, whose boss is serving 13 years in prison for $500 m fraud
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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2 COMMENTS

  • GrahamC1286
    By GrahamC1286on Friday, May 22, 2015 11:20:29 AM

    Regarding Brian Weal: ‘GRRE Invest’ is not listed on the register of companies in Anguilla. Perhaps it is incorporated elsewhere, or the name is wrongly stated in the article ...

      Replies(3)
      • David Marchant

        Confirmed that it operates as a cell of The Incubator PCC Ltd., which is domiciled in Anguilla and is operated by BVI-domiciled Drake Fund Advisors, which administers Belvedere's Cayman Islands fund vehicle Brighton SPC and which is clearly a Ponzi scheme. I've been extremely unimpressed with Drake Fund Advisors. Extremely unprofessional.

        • David Marchant

          The address used in Anguilla is: GRRE Investment Fund, Babrow Building, PO Box 371, The Valley, Anguilla, an address that belongs to Alex Richardson and Associates and Paragon Corporate Services.

          • David Marchant

            On Brian Weal's LinkedIn profile, he claims to be a director of "GRRE Invest", of "Anguila" (his mis-spelling, not mine). Also at http://grreinvest.com, it is claimed that GRRE Investment Fund is domiciled in Anguilla. Are you saying that's not accurate? In any event, I've amended my article to state that GRRE "purports to be domiciled in Anguilla". You never know what's true and what isn't with these guys!

          • Scondi
            By Scondion Saturday, August 1, 2015 11:46:23 AM

            According to Universal Tax Strategies LLP's website they promote Belvedere's PCC funds: https://www.google.com.gi/#q=Universal Tax Strategies LLP Belvedere

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            Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
            David Marchant
            As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.