Alleged Ponzi scam kingpin probably on way to Australia - Alec Hogg
Fin24

Alleged Ponzi scam kingpin probably on way to Australia - Alec Hogg

2015-03-25 07:58

Cape Town – Alleged Belvedere Ponzi scam kingpin Cobus Kellermann will probably be living the life of a billionaire in Australia sooner than you can spell P-O-N-Z-I.

That’s according to BizNews publisher Alec Hogg, who broke the story about the scam. He told Fin24 in a video interview that it is common practice for wealthy South Africans hiding from the law to scuttle off to the land Down Under.

He said Kellerman likely made a quick escape to Mauritius to join his wingman David Cosgrove, and said they will both probably flee to Australia soon.

“The scary thing about this is that he [Kellerman] is almost certainly out of the country already,” said Hogg. “He’s almost certainly on his way to Australia.

“The reason for that is that Australia does not allow criminals to be extradited to South Africa,” he said, adding that Australia believes South African prisons are so bad that they go against human rights.

“So if you’re a crook, it’s very easy,” he said. “Get on a plane to Australia and you’re made.”

“We have a recent example of John Stratton, who was intimately involved in the Brett Kebble sage. He’s living as large as life in Perth, Australia.

“A more recent example is Barry Tannenbaum [who ran a R10bn Ponzi scheme],” he said. “Barry Tannenbaum is driving an Uber car in Australia today.”

Watch the News24 Live studio interview with Alec Hogg:

Going after the kingpin

Hogg said there will be many consequences. “The Financial Services Board have now finally woken up,” he said. “I have spoken to them this morning. They’re onto the case very quickly.”

Hogg said he spoke to a financial adviser on Tuesday, who said that he told the Financial Services Board in 2009 about the Belvedere Ponzi scheme. “He laid it all out for them,” said Hogg. “They ignored him.”

“There is a litany of errors and now … it’s all coming apart.

“There are so many stories coming out of this,” he said. “You open the can of worms and they come crawling out.”

The Mauritian authorities, where the scam is based, have also taken note of the OffshoreAlert report and will prevent them from doing anything more, said Hogg.

OffshoreAlert spent three months researching the scam and wrote this on their website: “Offshore fund group Belvedere Management, which claims to have $16bn of assets under administration, management and advisory, appears to be one of the biggest criminal financial enterprises in history, headed by David Cosgrove, Cobus Kellermann and Kenneth Maillard, OffshoreAlert can reveal.”

deVere clients warned

Belvedere was the distribution hub, which received funds from Clarus and other organisations, Hogg wrote on BizNews.com. “Among them was deVere, a global financial sales and marketing operation which has a large presence in South Africa.”

He told Fin24 that he did not think deVere was involved directly, “but they had been putting their clients’ money into Kellermann’s operation”.

A deVere employee told Hogg that Kellermann would call daily, telling him to put money into his fund.

“There are a lot of people who are going to be hurt,” he said. “They don’t even know yet that they are hurt. I would say if you’re a client of deVere, get hold of your financial adviser quickly and find out what deVere are doing to try get the money back.

“If you’ve got [any] money that’s gone into Mauritius, you’ve got to start now – quickly – to find out where it’s gone.

“It must be a lesson to every single person who gives their money to somebody who is investing it on your behalf,” he said. “Ask 100 questions. It’s your money, not theirs. They will always give you the story you want to hear.”  

Comments
  • Tumelo Maruping - 2015-03-25 08:17

    White collar criminals

      John Jones - 2015-03-25 08:37

      Criminals, race is irrelevant.

      Koos Luerre - 2015-03-25 08:37

      You can bet your bottom dollar that the FSB officials who ignored the 2009 warning are still receiving salaries, got promoted since 2009 and received their annual "performance" bonuses like clockwork. A Zumafication culture of no accountability in practice.

      Warren Keet - 2015-03-25 08:47

      John Jones Who ties your shoes for you?

      Bri - 2015-03-25 09:17

      I hope you are joking John Jones.

      Alice Pretorius - 2015-03-25 09:40

      John Jones - white collar does not refer to race but a certain class of work/worker - a labourer would be a blue collar worker

      Aidan Lee - 2015-03-25 09:54

      'John Jones' you sir are a TJOP!!!

      Manfred Klose - 2015-03-25 11:10

      White Collar does not refer to Race John, it is a term to describe well dressed and presentable people involved in high profile crime. I go with Tumelo on this one. Please do not always pull a Race card if you do not understand terminology.

      Franklyn Davies - 2015-03-25 12:02

      has everyone missed the sarcasm by Tumelo ?

      Donavan Nathanial - 2015-03-25 15:31

      john you are such a moron

      Koobecaf Resu - 2015-03-25 15:58

      i am sure john jones is gratified that so many of you rose to the bait

  • Richardson Mzaidume - 2015-03-25 08:19

    But the question is, "are those people really happy?". Anyone who defrauds others shouldn't expect first class treatment in jail. Maybe somewhere within Aussie police force hierarchy there is Anwa Dramat who can help with spiriting these scumbags out of the country so that they can come back here and face the music.

      NickvanGraan - 2015-03-25 09:06

      Scum like this sleep very well at night.

  • Nkosana P Pindi - 2015-03-25 08:19

    Greed has poisoned men’s souls; has barricaded the world with hate; has goose-stepped us into misery and bloodshed. We have developed speed, but we have shut ourselves in. Machinery that gives abundance has left us in want. Our knowledge has made us cynical; our cleverness, hard and unkind. We think too much and feel too little. More than machinery ,we need humanity. More than cleverness, we need kindness and gentleness. Without these qualities, life will be violent and all will be lost. The aeroplane and the radio have brought us closer together. The very nature of these inventions cries out for the goodness in man; cries out for universal brotherhood; for the unity of us all.

      Joe Coetzee - 2015-03-25 11:31

      You write the truth but history has clearly shown that there is no goodness in man. No real hope for mankind in man. Just look at Hitler Stalin &Pol Pot. Only hope for mankind is from God.

  • Nceba Mbane - 2015-03-25 08:19

    So Australia has always been and will always be the criminals colony?

      John Jones - 2015-03-25 08:38

      First World one at that.

      Howsit Bru - 2015-03-25 08:44

      HAHA!

      Lucy Williamson - 2015-03-25 12:53

      Hehe

  • Nkosana P Pindi - 2015-03-25 08:27

    where the perfect people @?

      Charles Ponzi - 2015-03-25 16:49

      Are you perfect you shortsighted man who can't spot an investment right in front your nose. leave this young man alone. he is rich and lives lavida!

  • merkwaardig - 2015-03-25 08:31

    Extradite him to Mauritius and prosecute him there?

  • Thomas Pringle - 2015-03-25 08:36

    Greed Greed Greed. I bet De Vere have a more direct involvement than Alec Hogg thinks.

  • Jacques Taylor - 2015-03-25 08:38

    Doesn't even help cursing criminals like this.....sociopaths don't know what remorse or guilt feelings are

  • Som Som - 2015-03-25 08:38

    Hahahahaha,so called nigerian 419 I thought they are the onlyone in this type of scam,hahahahaha.

  • SunshinyDay - 2015-03-25 08:40

    He just looks dodgy...

  • Annette Elliott - 2015-03-25 08:42

    I find it difficult to believe that of all countries, Australia, allows him into the country. IF YOI WANT TO GET AWAY WITH MURDER COME TO cANCer cOUNTRY!

      Charles Ponzi - 2015-03-25 16:51

      he has a right and he is a smart lad! he is sitting pretty!

  • Enzy Indust - 2015-03-25 08:43

    As you state John Stratton, Barry Tannebaum et al and now Cobus Kellerman, David Cosgrove have fled to Australia where they will be molly coddled and protected by the government there. The only reason I can fathom for this protection of blatant criminals is that, despite Australia being initially populated by criminals, the honest hard working population has now far outstripped the criminal class so the government is desperate to restore the balance, viz trying to repatriate the 2 drug dealing scumbags from Indonesia.

      Charles Ponzi - 2015-03-25 16:51

      They are all innocent and smart investors. so chill!

  • Marc Behr - 2015-03-25 08:50

    Isnt it because the majority of Australia's population are already criminals ???

  • Annette Elliott - 2015-03-25 08:50

    VELILE, read all the comments before you make a dumb statement. ITS YOUR cANCer INCOMPETENT GOVERMENT THAT ALLOW THIS EUROPEAN TO GET AWAY WITH IT!

  • Bento Maepa - 2015-03-25 08:54

    So this is how the game is played - go f*ck up other governments around the world and come back home to granny in Australia, for full protection, when things turn sour. Right now I do not who is better Zuma or the Aussies.

      Koos Luerre - 2015-03-25 09:03

      Bento, In only of these 2 countries democracy, human rights, clean governance, service delivery and the economy are thriving.

      louis.elst - 2015-03-25 10:44

      Bento Oz is better you cannot just fly to Oz and think you can come and live here Unless this crook has applied for citizen ship some time ago And really we don't want these crooks on OZ Let's hope he does not land on our shores

  • Joan Mbele - 2015-03-25 08:54

    Another PONZI -PYRAMID SCHEEME in soweto. Its called KIPI. Plz help. Government officials a tesigning n deposit their hardearned money to this scheme.

      Andile Sityebi - 2015-03-25 18:23

      That is all over South Africa now.

  • Joan Mbele - 2015-03-25 08:58

    South Africans watch American Greed then you will never trust anyone with everything. Even yo own family.

  • Techi Freddy - 2015-03-25 09:37

    Old annette elliot has mentioned cancer 67 times on this forum since i signed in.be careful what u wish for

      Simon Butelezi - 2015-03-25 12:56

      lol..... I reserve the right to comment.

  • Deb Col - 2015-03-25 10:40

    Gone to join the convict nation

  • Tim Lord - 2015-03-25 11:15

    Deb Col -wouldn't you just love to stay here in Oz.

      Selborne Collins - 2015-03-25 15:01

      what a stupid comment Deb Col! have you been to Australasia? it's first world, we are living in a 6th world hellhole

  • Jacqui Daane Van Rensburg - 2015-03-25 11:19

    So Australia welcomes crooks from South Africa but deny entrance of poor refugees that comes from countries where the prisons are many times worse that those in South Africa?.

      Manny Obi-Wan Meyer - 2015-03-25 20:20

      lol its all about the $ Poor refugees offer them nothing. Sleazy billionaires can be taxed and milked.

  • Peter Beltingser - 2015-03-25 11:48

    Yep, in the end Australia does not give a rats ass about "Human Rights", these white collar criminals spend large sums of money in their country. If they really did care about "Human Rights" they'd be more welcoming towards refugees fleeing real human rights abuse, but no these people will be too much to look after let's just let the rich criminals in. Sad sad world.

  • Zahir - 2015-03-25 12:19

    The current anc govt looks the other way as long as the money flows into their bank accounts they won't investigate

  • Joan Mbele - 2015-03-25 13:12

    Small mind, idiot Lebohang

  • Andrew Grieveson - 2015-03-25 16:08

    FSB is so obsessed with paper work that they can't see the wood for the trees ! They miss all the big scams but police all the wrong people !

  • John Rodney Taylor - 2015-03-25 16:24

    Australia really is a penal colony, even SA criminals go there.

  • Charles Ponzi - 2015-03-25 16:47

    He and barry tab.. in Runaway Bay are innocent till proved guilty!!

  • Charles Ponzi - 2015-03-25 16:50

    good country to spend his 'smart'billions while disguised as Uber driver. Good senhora!

  • Charles Ponzi - 2015-03-25 16:54

    he is one clever investor like berni madoff. he has done nothing wrong!

  • Manny Obi-Wan Meyer - 2015-03-25 20:17

    a fool and his money are soon parted.

  • John James Smyth - 2015-03-26 09:04

    Funny thing - I am presently reading a book about Barry Tannenbaum's big scam just a few years ago. What gets me is not the audacity of the criminals behind such Ponzi's but the ludicrous gullibility and ravenous greed of the victims, clamouring to 'invest' everything they have - some even re-mortgaging their paid-up homes to raise more money - for promised returns which clearly cannot be real!

  • Julius Strydom - 2015-03-26 13:11

    Excellent work, Alec - work which the FSB should have done. But instead of taking them on you write these scandalous words: “It must be a lesson to every single person who gives their money to somebody who is investing it on your behalf,” he said. “Ask 100 questions. It’s your money, not theirs. They will always give you the story you want to hear.” This conclusion to your article is disgraceful: you are attacking SME's who can not possibly do the investigative work that you do and you know it. It is the FSB's job but that is just mentioned in passing. In case you are wondering - I am not a financial adviser but I know the industry well.

  • pages:
  • 1