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Bailey McCann, Opalesque New York:

Belvedere Management Group fund vehicle Brighton SPC has been taken over by the Cayman Islands Monetary Authority following a forensic examination, according to a notice from the regulator. Brighton SPC represents the offshore arm of a larger Ponzi scheme run out of Mauritius which is already under criminal investigation there. The news of the scheme was first reported by Offshore Alert some 11 weeks ago.

In March, Brighton's board of directors resigned after it became clear that investors may not have access to their assets. On Monday, David Walker and Simon Conway, of PwC were appointed by CIMA to act as controllers of the vehicle.

Mauritius-based Belvedere Management Group, the parent company of Brighton SPC, is headed up by Cobus Kellermann who also runs Clarus Capital. According to BizNews, Kellermann has already been fingered as the kingpin of a global Ponzi scheme run under the Belvedere banner. Belvedere has AUA of R200bn ($16.5bn), and is jointly owned by Kellermann and David Cosgrove.

Brighton SPC is believed to have a value of $130 million.

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