The Guernsey Financial Services Commission is the latest regulator to take aim at Belvedere Management Group. Originally labeled a suspected Ponzi scheme by respected journalist David Marchant, regulators all over the world have been targeting the beleaguered financial services giant. Boasting $16 billion of assets under management and advisement, Belvedere Management may turn out to be one of the largest Ponzi schemes in global history.
Acting on a sworn affidavit by a senior enforcement analyst, a Guernsey court issued orders against three funds connected to Belvedere: Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited, and Universal Mutual Fund ICC Limited. The latter has 7 sub funds including Creative Growth Resource Fund IC Limited, Czar Resource and Yield Fund IC Limited, Ascenta Special Situations Resource Fund (Euro) IC Limited, Ascenta Special Situations Resource Fund (GBP) IC Limited, Ascenta Special Situations Resource Fund (USD) IC Limited, Excelsior Opportunities Fund (Guernsey) USD IC Limited and Sovereign Opportunities Fund (GBP).
Action is still pending against another Belvedere fund, Trinity Global Fund and against investment manager Lancelot Management Limited.
According to Marchant’s Offshore Alert, Belvedere Management principals “used their various companies around the world to enrich themselves through an orgy of self-dealing and routinely provided investors with false net asset values to cover up their acts.” Those allegations appear to be supported by the findings of the Guernsey Financial Services Commission.
In yet another red flag and sign of deep problems, the court noted that Belvedere principal David Cosgrove failed to cooperate with regulators and failed to appear before the financial services commission. In our experience, companies that have a legitimate explanation are quick to cooperate and explain to prevent court orders and fund freezes.
To date, regulators in Mauritius and Guernsey have frozen 6 funds. Another fund and fund manager remain under investigation in Guernsey. Yet another fund is now in voluntary suspension in the Cayman Islands and South African regulators areactively investigating the company.
Research by Offshore Alert shows over 100 different entities and funds linked to Belvedere Management Group. We worry that investor monies in all the funds are in jeopardy. Already we have heard that customers are unable to redeem their interests and that the F.B.I is investigating.
As a fraud recovery law firm, we help investors get back their hard earned money. If you invested in any Belvedere Management Group company and lost money or are unable to access your money, we may be able to help. Our services are limited to interests acquired through a U.S. stockbroker or financial adviser. We may also be able to help if the funds can be connected to a U.S. auditor, custodian or bank.
MahanyLaw – America’s Fraud Recovery Lawyers