Six months ago we were tipped off about allegations of a massive global ponzi scheme being run by two South Africans, Cobus Kellermann and David Cosgrove. After doing our own research, it became clear that the expose’ by David Marchant’s Offshore Alert was on the money. After Kellermann ignored a request for comment or to answer some specific questions, information we published.
That sparked a saga which led to a cyber attack on Biznews; bullying and litigation threats by legal firm Werksmans which did its best to (unsuccessfully) shut us up; taunting by a rival online publication; empty denials and a litany of lies. Six months on, authorities around the world have officially confirmed Belvedere was indeed a Ponzi scheme and that, to date, R4bn in investor funds is missing.
Marchant reckons eventual losses by investors will end up treble, perhaps even four times the number already confirmed. The wheels of justice grind slowly. But, even when they uncover tentacles that run from SA to Guernsey. Mauritius, Gibraltar, the Cayman Islands and Anguilla, those wheels do grind finely. The updated interview with Marchant will be on Biznews later today.
