At Biznews, 2015 will be remembered as the year of the Belvedere Ponzi scheme – a global network of financial fraud and deceit masterminded by South Africans Cobus Kellermann and David Cosgrove. On March 17, when David Marchant of Offshore Alert claimed Belvedere was a massive criminal enterprise, we did our own checking and quickly realised he was on the money. Following the publication of South African angled articles on Biznews, the site was briefly paralysed by a cyber attack. Then came the bullying attempts – heavy handed threats from SA heavyweight legal Werksmans which appears to have engineered the publication of articles taunting Biznews and Offshore Alert as sensationalist and irresponsible. Six months later with R4bn of investor money now officially confirmed as having gone missing and billions more unaccounted for, Belvedere has collapsed, exposed for the Ponzi scheme Marchant always claimed it was. In this special podcast he provides an update on the unraveling of a global network of fraud, fuelled by deceit, blatant lies and corrupt financial advisors. – Alec Hogg
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