Stories continue to trickle in about Belvedere Management. The prominent industry publication Offshore Alert claims the massive $16 billion operation may be a Ponzi scheme. Regulators in London, Mauritius, the Caribbean and South Africa are reportedly investigating and in some cases have frozen certain Belvedere funds.
Belvedere Management claims to have $16 billions in assets or assets under management. According to an exclusive story in Offshore Alert, Belvedere’s London office was raking in so much money from investors that the office’s 33 year old manager, Anthony Constantinou, was throwing “huge wads of cash into the air for employees to grab.”
Why was the company taking in so much cash? Apparently because investors thought they were earning 5% returns… 5% per month.
A source told the publication that Constantinou was getting drunk in the office, smashing champagne glasses and groping female staffers. Certainly nothing that would inspire confidence from Belvedere Management’s investors.
Last month London Metropolitan Police raided CWM and arrested 13 people.
Most of Belvedere Management investors appear to be from countries other than the United States. We suspect, however, that the operation could not have grown into a multi-billion enterprise without some involvment by U.S. financial institutions or investment professionals. As an experienced fraud recovery law firm, we stand ready to assist in recovery efforts that may be centered against American entities.
MahanyLaw – America’s Fraud Lawyers