A 54-year-old Irishman’s investment company is heading what could be one of the biggest offshore criminal financial enterprises in history, Offshore Alert Claims today.
Investors could have been taken down for over US$15 billion.
The Mauritius based Belvedere Management Group run by Irishman David Dawson Cosgrove, South African fund manager Cobus Kellermann, and 42-year-old Mauritian accountant Kenneth Maillard, administers some 125 hedge funds, and owns and operates dozens of other companies involved in fund administration, securities broking, life insurance, investment management.
But, claims Offshore Alert; ‘not only are there signs of Belvedere being on the verge of collapse, but evidence shows:
*Funds that are blatantly fraudulent, including a current $130 million Ponzi scheme in Cayman.*Funds that simply disappear or fail in dubious circumstances, including the £400 million Harlequin Property Fund that has been unraveling over the last few years.
*False Net Asset Values that deceive investors into believing their money is growing;*Investors unable to make redemptions.
*Misappropriation of millions of dollars by insiders via a web of offshore companies.
*Related-party transactions that are used to strip out cash and artificially inflate assets.
*Conflicts of interest galore, which enable insiders to conceal their illegal activity.
*Material omissions and false statements in offering documents and marketing material
Offshore Alert warns that ‘assisting them are professional service providers who are willfully complicit or grossly negligent, leaving themselves exposed to massive liabilities when the group inevitably collapses.’ Among the service providers are well known banks.
Among the funds named in the report by Offshore Alert website boss David Marchant are the Caldora International Fund, and Caldora Asset Management (of which Cosgrove is listed as director ) which have already been exposed on this site and was being flogged by Phuket based former bankrupt British businessman Neal Davies.
|Neal ‘Caldora’ Davies|
The deVere Group which are very active in Thailand has put some US$50 million of client funds into the Strategic Growth Fund, managed by Cobus Kellerman.
And an offshoot of Belvedere the CWM group also has a Thai company CWM Thailand.
Its Forex Company, CWM FX was raided this month by the City of London Police’s fraud squad.
‘Thirteen employees were arrested as part of a criminal investigation into what a source said was a Ponzi scheme totaling at least £100 million.’
Are you affected? For more details go to Offshore Alert