The U.S. Securities and Exchange Commission urged a federal judge on Wednesday to appoint a trustee to manage the Woodbridge Group of Companies, a bankrupt property developer the regulator accused of being a $1.2 billion Ponzi scheme. Woodbridge filed for bankruptcy in December and weeks later the SEC sued to freeze its assets, accusing it […]

FOUR men have been arrested on suspicion of fraud in connection with the collapse of a fund which left investors – including Jersey residents – losing their life savings. The men, who have not been named, were arrested in Guernsey this week before being released on bail pending further inquiries. A criminal investigation was started […]

Victims of fraud claim the banks ignored the unusual activity on the fraudster’s accounts. They allege that the fraudster used J.P. Morgan Chase TD HSBC and M&T banks to carry out the scheme because they would “look the other way and ignore the activity and notifications from Anti-Money Laundering monitoring system” Read more A New […]

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. […]

Three men convicted of defrauding investors out of almost £80m ($116.4m, €104m) in a London-based Ponzi scheme to fund their lavish lifestyles have been sentenced to nearly 20 years in prison. Forty-year-old Jolan Marc Saunders, Michael Dean Strubel, 54 and Spencer Mitchell Steinberg, 46, were all convicted in February of conspiracy to defraud following an investigation […]

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 […]

Johannesburg – The SA Revenue Service (SARS) started looking at the controversial investment company Belvedere Management Group months ago, Netwerk24 reported on Wednesday. Cape Town money manager Kobus Kellerman –  one of two SA kingpins behind the Belvedere Ponzi scam Cape Town money manager Cobus Kellermann – one of two SA kingpins behind the Belvedere […]