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Hello. I’m Alec Hogg and this is the Rational Perspective.I’ve had an interesting past few days looking into an alleged Ponzi scheme – the biggest ever seen in the Southern Hemisphere and one that ranks right up there with Bernie Madoff’s R200bn scam that took 20 years to unravel.This one allegedly involves a South African by the name of Cobus Kellerman. He has a business in Cape Town, called Clarus Capital. They run eight Unit Trusts and have associations with many companies.
We’re in the process now of looking into all of those companies to discover exactly how close those associations were and indeed, whether there is more to this Ponzi scheme allegation than a sensational headline.However, it does come from a reputable source – an organisation that focuses on offshore financial centres. It calls Belvedere, which is half-owed by the Capetonian (Kellermann), one of the biggest criminal organisations in the world. What if it is correct? What if this all turns out to be accurate?
So far, it does suggest that that’s the case. I got hold of Kellermann on Saturday – both directly, and through friends.
He refused to respond to comment and that’s not a good sign. In fact, he did the same thing two years ago, when he was embroiled in another sensational Ponzi scheme, but something of a fraction of the size of the one we’re talking about now.
If this is the case, then it is a warning (again) to South Africans that shoveling money offshore has massive risks. You need to know exactly where it’s going.This is the Rational Perspective.
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UPDATE:
Since publication of the article above, several regulatory authorities have conducted investigations into the allegations of fraud and of a possible Ponzi scheme and have found as follows:
The Guernsey Financial Services Commission having reviewed their Enforcement Division’s report and accompanying evidence concluded that no further action will be taken and that their proceedings are at an end.
The US based Chartered Financial Analyst Institute stated, after reviewing the information available to them, that their Professional Conduct program decided to close its investigation and to take no disciplinary action, reserving the right to reopen the matter if new information comes to hand.
The Financial Sector Conduct Authority found no evidence of any breaches of the relevant South African financial sector laws.
