Offshore Alert continues to report more disturbing news about financial services giant Belvedere Management. According to an exclusive report last week, publisher David Marchant claims that one of Belvedere's flagship funds, Kijani Commodity Fund, may really be a $130 million Ponzi scheme.
According to Kijani's website, the fund offers:
- "absolute returns" in varying market conditions
- targeted 20% return
- low volatility
- liquidity
If that sounds too good to be true, the sales pitch gets even better. The fund claims it never had a losing month.
Thinking that this sounds too good to be true? So do we.
The company's website claims that it "works with independent assessors and auditors, who provide an audit of suppliers to verify that they comply with the fund’s strict ethical and compliance standards." The auditor listed on promotional materials is BDO Cayman Islands.
Look behind the curtains, however, and things aren't as rosy as the promotional materials suggest. The Kijani Commodity Fund moved last November from Mauritius to the Cayman Islands. Coincidentally, during that same time period Mauritius regulators issued a warning about two of Belvedere's primary funds, Four Elements PCC and Lancelot Global PCC. Kijani was a sub-fund of Four Elements.
Mauritius' Financial Services Commission began their investigation after investors in a Four Elements related feeder fund complained they could make redemptions.
This week another Belvedere Management related fund, Brighton SPC announced it was suspending operations. Although the fund denied all the allegations made against Belvedere, it nevertheless suspended redemptions meaning customers can't cash in their shares.
Earlier this month in London, police raided the offices of another Belvedere related entity, CWM. Thirteen employees were reported arrested over what cops claim is a Ponzi scheme.
Where does it all end? We are not sure yet. Belvedere Management is a big company with a reported $16 billion under management. We suspect the company did not grow that large without some U.S. help and investor funds.
Investors who invested in any of the Belvedere related funds might have claims against the person or company selling these investments and against certain third parties such as banks and plan administrators.
MahanyLaw is a full service fraud recovery law firm. We help people get back their hard earned money. If you lost money in any Brighton, Belvedere, Four Elements or Kijani, please give us a call. For more information contact attorney Tim Granitz at 800.669.7782 (direct). All inquiries kept strictly confidential.