Belvedere Management and its $16Bn: Now Looking More Like a Huge Collapsing Scam

Back in March, Offshore Alert made some very aggressive but plausible-looking claims:

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.

• $130 million Cayman Ponzi scheme under Brighton SPC umbrella fund
• City of London police investigating £100 m-plus Ponzi scheme by ‘CWM’
• Both schemes part of rampant fraud by Belvedere Management Group
• Group headed by David Cosgrove, Cobus Kellermann and Kenneth Maillard
• Belvedere operates in many countries, particularly Mauritius, Guernsey, Cayman & South Africa

In early April, we wrote up the madly impudent CWM scam here, filled in as much as we could of the Belvedere back story here, and sat back to await developments. On the 18th, the story flickered briefly in The Economist

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