Regulator in Mauritius sought help from Central Bank in its investigation into offshore hedge fund Fagan’s commodity fund Kijani Resources, which went into liquidation last year, and Mr Cosgrove’s Belvedere Management Group have been at the centre of an international storm for months amid allegations that both form part of an elaborate $16bn Ponzi scheme. […]

David Cosgrove and Cobus Kellermann, fund managers under investigation by authorities in at least three jurisdictions, said the Guernsey regulator reached mistaken conclusions in an April affidavit that noted alleged failings. • “The Guernsey regulator may have been fed misinformation by their sources and reached erroneous conclusions,” Cosgrove and Kellermann said Wednesday in an e-mailed […]

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. IT IS not certain if or to what extent investors have been bilked, […]

Results of investigations by financial regulators into the alleged Belvedere Ponzi scheme are starting to emerge. Investigative journalist David Marchant ofOffshoreAlert says they confirm his report that South African Cobus Kellermann and Irishman David Cosgrove have been running “a massive criminal enterprise”. Kellermann and Cosgrove have not commented on the latest allegations , either to the officials […]

The Guernsey Financial Services Commission (FSC) on Friday successfully applied to place three fund vehicles with ties to Belvedere Management under administration. The Guernsey court granted the application to place the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited under the care of an independent administrator. The three […]