Public Notice: Mr. David Dawson Cosgrove1st December 2020
This Notice has been published by the Guernsey Financial Services Commission (the "Commission") with the agreement of Mr. David Dawson Cosgrove.
In 2014, the Commission commenced an investigation into Lancelot Management Limited ("Lancelot") and certain entities of which Lancelot had been the Principal Manager or was otherwise connected to, including The Global Mutual Fund PCC Limited ("Global"), The Universal Mutual Fund ICC Limited ("Universal"), The Worldwide Mutual Fund PCC Limited ("Worldwide") and The Trinity Global Fund ("Trinity", and together with Global, Universal and Worldwide the "Funds") and separately The Abroad Spectrum PCC Limited ("Abroad"). One aspect of this investigation concerned the role and conduct of Mr. Cosgrove, who had been a director of Lancelot, Global, Universal, Worldwide and Abroad.
In May 2015, the Commission published a notice regarding legal proceedings relating to Lancelot, which referred to the fact that regulatory investigations were ongoing in respect of the global operation of companies linked to the matters before the court. In June 2016, the Enforcement Division of the Commission issued its final report in respect of the investigation ("Final Report").
A Senior Decision Maker was appointed by the Commission to consider and to determine the matters raised in the Final Report, and on 8 November 2016 the Senior Decision Maker served his draft minded-to enforcement notice on Mr. Cosgrove.
On 13-14 February 2017, representatives of Mr. Cosgrove appeared before the Senior Decision Maker to make representations on his behalf.
On 30 August 2017, the Senior Decision Maker provided his confidential opinion to the Commission, and it was his view that the Commission ought not to impose sanctions on Mr. Cosgrove.
On 1 September 2017, the Commission notified Mr. Cosgrove that it had determined that no action would be taken against him in connection with the matters contained in the Final Report and that the enforcement process was at an end. No sanctions were imposed on Mr. Cosgrove.
On 29 June 2018, the Joint Administration Managers of the Funds submitted their Final Report to the Royal Court and Investors, which was subsequently supplemented on 31 August 2018 ("JAMs Final Report"). The JAMs Final Report referred to the investigation and, specifically, to the Commission's 1 September 2017 letter by which it had been confirmed that no action would be taken against Mr. Cosgrove in connection with the matters contained in the Final Report and that the enforcement process was at an end.
As at the date of this Public Notice, the Commission has no enforcement process pending against Mr. Cosgrove in respect of Lancelot, the Funds and Abroad.