Six months ago we were tipped off about allegations of a massive global Belvedere ponzi scheme being run by two South Africans, Cobus Kellermann and David Cosgrove.
Belvedere kingpins, South African-based Cobus Kellermann and David Cosgrove have received another big smack with an expose’ in today’s Wall Street Journal.
After authorities took over and froze Belvedere’s funds in Mauritius and Guernsey last month, yesterday its Cayman Islands operation suffered the same fate.
Kellermann has at least 13 classic cars worth an average of R1m a piece in a warehouse. Five are Ferraris – a Testarossa, two 355 GTS’s and two 348 TS’s.
Unravelling complex structures like the one designed by Cobus Kellermann and David Cosgrove at Belvedere requires patience – and large pieces of paper.
