Media reports in 2015 described Mauritius-based Belvedere as a Ponzi scheme, with Kellermann accused of manipulating the net asset value of funds to cover losses.
Both Kellermann and Cosgove have always denied the allegations.
At one point; investigations were ongoing in Mauritius, Guernsey and South Africa.
The Guernsey Financial Services Commission confirmed in September 2017 that it would take not action against Kellermann or Cosgrove.
There was no mention of Cosgrove in the South Africa regulator’s statement.
Tip off the media
The long-running saga was triggered in 2014 when the FSCA’s predecessor, the Financial Services Board (FSB), assisted certain foreign regulators relating to funds that were allegedly channelled to several entities in South Africa.
Kellermann was identified as a “person of interest”.
US-based news service OffshoreAlert published “evidence of wrongdoing” it received from DeVere Group in 2015.
According to a statement on the financial advisory firm’s website, dated 25 March 2015, a spokesperson for DeVere said: “We suspect that this case could turn out to be one of the largest financial scams in history and we will do whatever is necessary to recover lost value by investors worldwide.”
But in a statement on 6 November 2019, the South African watchdog said: “The inspection found no evidence of any breaches of the relevant South African financial sector laws.”
A spokesman for DeVere told International Adviser: “It’s interesting the regulator has reached this conclusion regarding South Africa-based funds.
“We are aware of several international funds where Mr Kellermann has, at least, made unwise investments.”