Kingpin Cosgrove breaks cover, writes to Belvedere investors

The man who single handedly caused the demise of JSE-listed mCubed and has re-emerged as one of two kingpins in the Belvedere Ponzi scam, has broken cover. David Cosgrove, an Irish citizen who operates Belvedere Management from Mauritius, and whose family is resident in Paarl South Africa, responded to the claims made by OffshoreAlert by sending a letter to his investors. In it he attacks the OffshoreAlert which describes Belvedere as a “massive criminal enterprise”. Here is Cosgrove’s letter and the response from OffshoreAlert’s David Marchant. – AH 

Cosgrove’s letter to Belvedere investors reads: 

Dear Valued Client

It has come to our attention that an article published on a website called OffshoreAlert contains several claims that are either incorrect or have inferred that the Belvedere Management Group and/or its companies has operated outside of the law.

We note that only part of the article is publicly available. In order to have access to the full article it is necessary to take up a paid subscription to OffshoreAlert.

We take these sensationalist and unfounded allegations very seriously and are in the process of communicating directly with the publication. In the interim, and in the interests of transparency, we debunk the core of the allegations in the table below.

The article further makes sweeping statements about “red flags”, investors being “swindled”and “professional service providers who are willfully complicit”.

The author provided neither a basis for such a commentary nor any supporting fact.

I thus reiterate: all of our companies go through an annual audit by an approved independent auditor and all assets can be accounted for.

Yours sincerely

David Cosgrove

Belvedere Management Group

OffshoreAlert’s David Marchant responds:    

Below is the Q&A that I attempted to do with Cosgrove and Kellermann.

Kellermann did not respond, while Cosgrove’s only response to my questions was: “In the time deadline given to us we are unable to provide a comprehensive response. However, we are obtaining the necessary materials in order to provide a comprehensive response, which we will provide shortly.”

One week later, I’m still waiting to receive the “necessary materials” that would be provided to me “shortly”.

Regarding a claim in his letter to clients that: “We have invited the Author of the article to discuss this with us directly if he would like to really understand the respective investment strategies.” This is a lie. No such invitation has been extended. The reality is that I have asked for information and none has been provided.

His responses in his letter to clients are generally not credible and at times silly. It is revealing that neither David Cosgrove nor Cobus Kellermann have complained to me about the OffshoreAlert article.

The reality is that Cosgrove and Kellermann have committed an outrageous fraud which is now in the process of unravelling.

David Marchant, Owner & Editor, OffshoreAlert

Marchant’s email to Cosgrove (response follows) 

 David Cosgrove’s response: 

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