Overview

A confidential financial network connecting Los Angeles, Clearwater, London, and the Swiss canton of Ticino manages hundreds of millions of dollars on behalf of Scientology’s wealthiest donors — and routes tens of millions annually into the International Association of Scientologists. The network operates through three principal vehicles: Deuterium Capital Management LLC, a Clearwater-based SEC-registered investment adviser; the Turquoise Charitable Foundation, a Clearwater-based private foundation; and a Lugano-based stem cell enterprise with direct ties to both.

At the center of the financial architecture stands Osman Orhun Ozsan, a British-national Scientologist born in February 1970 who resides in Switzerland and controls every entity in the chain — from the apex UK holding company through the US registered adviser to the Clearwater registered agent. Operating alongside him is Steven L. Hayes, a Florida attorney and OT VIII Scientologist who simultaneously serves as president of the Turquoise Charitable Foundation, registered agent of Deuterium Capital Management, chair of the FAIRtax organization, and architect of Trish Duggan’s legal and financial arrangements. Together they have constructed a structure that, as of December 31, 2025, manages $635,469,878 in regulatory assets and has directed at least $19.1 million in a single grant cycle to the United States IAS Members’ Trust.

This article documents the structure, the actors, the money flows, and the connections that run from Beverly Hills to Clearwater to Lugano — connections that Scientology has not publicly disclosed and that only become visible through a systematic review of SEC filings, UK Companies House records, IRS Form 990-PF disclosures, Irish Central Bank registrations, and Florida corporate databases.

Deuterium Capital Management: The Investment Firm

Corporate Structure

Deuterium Capital Management LLC (CRD #294051, SEC #801-112932) is a Florida limited liability company incorporated on March 29, 2019 — originally under the name Ozsan, Gregori and Company, LLC — that changed its name to Deuterium Capital Management LLC by amendment on November 10, 2020. It is registered as an investment adviser with the U.S. Securities and Exchange Commission and maintains its principal office at 1150 Cleveland Street, Suite 420, Clearwater, Florida 33755. Its registered agent in Florida is Steven L. Hayes, the Clearwater attorney discussed in detail below.

DCM is wholly owned by Deuterium Asset Management Limited (DAM), a UK private limited company incorporated on December 10, 2021 (Companies House #13794766), which is in turn wholly owned by Deuterium Global Financial Limited (DGF), a UK private limited company incorporated on November 3, 2021 (Companies House #13721919). DGF is wholly owned by Osman Ozsan personally. Both DAM and DGF are registered at Elsley Court, 20-22 Great Titchfield Street, London W1W 8BE. DAM operates as a relying adviser of DCM under a single SEC registration, a single chief compliance officer (Sondra Berman), and a single code of ethics.

The ownership chain — Ozsan personally, through DGF, through DAM, into DCM — was established in a six-week window between November and December 2021, coinciding with the completion of the Ozsan Gregori / Deuterium rebranding that had been underway since late 2020. This restructuring created a three-tier UK holding architecture that places full ownership and control of the US registered adviser in the hands of a Switzerland-resident Scientologist operating through London holding companies.

The Older UK Entities: Altea, Empirical, Antifragile

Ozsan’s UK corporate history predates the Deuterium rebranding by more than a decade. His earliest traceable UK entity is Altea Real Property Limited, incorporated on March 23, 2005 (Companies House #05402007), in which Ozsan has been a director since the founding date. Altea Real Property was renamed Empirical Prospecting Company Limited on May 24, 2016. The company is currently in liquidation, with accounts and confirmation statements overdue and proceedings ongoing. Ozsan remains listed as an active director despite the insolvency, with Companies House identity verification overdue as of November 2025.

Also named as a director of Empirical Prospecting — from October 15, 2010 until November 15, 2022 — was Maria Dolores Gregori Fuster, a Spanish national born May 1969, resident in England, whose correspondence address on resignation was Cannon Green, 27 Bush Lane, London EC4R 0AA — the same address that serves as Deuterium’s London operational headquarters. Gregori Fuster is the partner for whom Ozsan, Gregori and Company was originally named. Her sole Companies House appointment is this resigned directorship; she does not appear in any active Deuterium entity filing.

A second Ozsan entity, Antifragile Limited (Companies House #08324122), was incorporated on December 10, 2012 — also the founding date — with Ozsan as sole director. It is active, registered at Elsley Court (the Deuterium address), and classified under SIC 68209 (other letting and operating of own or leased real estate). The name is a reference to Nassim Nicholas Taleb’s concept of systems that grow stronger from disorder. It predates DIA by six years and predates DGF and DAM by nearly a decade, suggesting it has served as Ozsan’s personal UK property vehicle throughout the period he was building the investment management enterprise.

NEW YORK TIMES BESTSELLER • Antifragile is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are Fooled by Randomness, The Black Swan, Skin in the Game, and The Bed of Procrustes.

Nassim Nicholas Taleb, the bestselling author of The Black Swan and one of the foremost thinkers of our time, reveals how to thrive in an uncertain world. 

Just as human bones get stronger when subjected to stress and tension, and rumors or riots intensify when someone tries to repress them, many things in life benefit from stress, disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish.

In The Black Swan, Taleb showed us that highly improbable and unpredictable events underlie almost everything about our world. In Antifragile, Taleb stands uncertainty on its head, making it desirable, even necessary, and proposes that things be built in an antifragile manner. The antifragile is beyond the resilient or robust. The resilient resists shocks and stays the same; the antifragile gets better and better.

Furthermore, the antifragile is immune to prediction errors and protected from adverse events. Why is the city-state better than the nation-state, why is debt bad for you, and why is what we call “efficient” not efficient at all? Why do government responses and social policies protect the strong and hurt the weak? Why should you write your resignation letter before even starting on the job? How did the sinking of the Titanic save lives? The book spans innovation by trial and error, life decisions, politics, urban planning, war, personal finance, economic systems, and medicine. And throughout, in addition to the street wisdom of Fat Tony of Brooklyn, the voices and recipes of ancient wisdom, from Roman, Greek, Semitic, and medieval sources, are loud and clear.

Antifragile is a blueprint for living in a Black Swan world.

Osman Ozsan’s imperfect understanding of antifragility equates mere opaque complexity with antifragility. This does not work in an AI-powered OSINT world where deconstruction and decryption occur at previously unimagined velocity and force. It is like a glass ashtray shattering due to frequency decoupling.

Osman Ozsan resigned as director of Arkwright Road Limited (Companies House #07950898) on April 27, 2017. Arkwright Road is a residential property management company for a Hampstead building — a routine leaseholder management arrangement consistent with Ozsan having owned a flat there during his London residency period. It has no connection to the Deuterium financial structure.

Deuterium Investment Advisors Limited: The UK Regulatory Wrapper

A fourth UK entity — Deuterium Investment Advisors Limited (DIA), Companies House #11207818 — was incorporated on February 15, 2018 under the name Ozsan, Gregori and Company Limited. This is the UK counterpart to the US entity, incorporated the same month the US entity registered with the SEC. Like the US entity, it shed the Ozsan Gregori name and is now known as Deuterium Investment Advisors Limited. It is registered at Elsley Court and operates as an FCA Appointed Representative (FRN #804110) of Kroll Securities Limited (FRN #466588).

The Kroll relationship is a commercial regulatory hosting arrangement — a standard product that Kroll has offered since 2015 and through which it hosts over 100 appointed representatives. Under this arrangement, DIA operates under Kroll’s FCA permissions while it awaits its own direct FCA authorization as an Alternative Investment Fund Manager. The March 2026 Form ADV Part 2A discloses that DAM is “in the process of registering” for direct AIFM status and that DIA’s FCA status will be deactivated upon DAM’s approval.

Assets Under Management

As of December 31, 2025, Deuterium managed $635,469,878 in regulatory assets across six accounts — $316,008,149 on a discretionary basis (five accounts: four pooled investment vehicles and one charitable organization) and $319,461,729 on a non-discretionary basis (one account: a family office). The family office account is confirmed as Trish Duggan’s, with $230,616,555 in assets. The charitable organization account is confirmed as the Turquoise Charitable Foundation, with $88,845,174 in assets managed by Deuterium. Custodians include Morgan Stanley New York ($86.4 million), Bank of America/US Trust New York ($108.2 million), and Goldman Sachs Miami ($50.4 million).

The Deuterium Absolute Return Fund LP, a Delaware limited partnership, holds $267,508,149 in gross assets and is audited by RSM US LLP. The Deuterium AR Master Fund LP, a Cayman Islands vehicle, holds $48,500,010 in gross assets and is registered with the Cayman Islands Monetary Authority, audited by RSM Cayman Limited. The master fund has two feeders: Deuterium AR Offshore Investors Limited (Cayman) and Deuterium AR US Investors LP (Delaware). The Cayman feeder lists three directors: Ozsan, Sondra Berman (CCO), and James Macfee — a name that has not been traced in any UK, US, or Cayman public record as of this writing.

The UCITS Funds and the Falcon IIB Connection

Separate from the Delaware and Cayman private funds, Deuterium operates an Irish UCITS ICAV — the Deuterium UCITS ICAV (Central Bank of Ireland registration C438489), authorized December 15, 2020 and previously named the Falcon UCITS ICAV. The ICAV is managed by Waystone Management Company (IE) Limited with Caceis Bank as depositary. It carries two sub-funds: the Deuterium Global Dynamic Allocation Fund (authorized December 15, 2020) and the Deuterium Global Dynamic Allocation Long/Short Fund (authorized December 21, 2021).

The UCITS funds are managed by John Ricciardi, a professional fund manager recruited from Jupiter Asset Management in December 2020. Ricciardi is the public face of Deuterium’s institutional investment strategy; he publishes regular market commentary and conducted a Real Vision interview alongside Ozsan. His hire represented the acquisition of a legitimate decade-long track record — Ricciardi had managed the same strategy as the Kestrel/Merian Global Dynamic Allocation Fund from 2012 onward — which Deuterium repackaged into its UCITS structure.

The audited financial statements of the Deuterium UCITS ICAV for the period ended September 30, 2021 disclose that Falcon IIB LLC held 94.14% of the shares in the sub-fund and was therefore deemed a related party of the ICAV. Falcon IIB LLC appears in the Turquoise Charitable Foundation’s 2024 Form 990-PF tax schedule as a Deuterium sub-entity paying a $300 foreign corporation tax line item. The connection is unambiguous: the Turquoise Charitable Foundation — through Falcon IIB LLC — was the dominant investor in the Deuterium UCITS fund, providing 94.14% of sub-fund capital as of the period covered by the audited statements. The Foundation’s money and Deuterium’s investment infrastructure are not separate — they are the same system.

The Turquoise Charitable Foundation

The Turquoise Charitable Foundation (EIN 87-1174327) is a private foundation registered at PO Box 4929, Clearwater, FL 33758 — a PO box shared with the Institute for Effective Diagnosis and Treatment Inc., a now-dissolved anti-psychiatry entity co-founded by Hayes and his wife Paula Hayes in 2013. The Foundation’s phone number, 727-204-7570, is identical to Deuterium Capital Management’s published telephone number. Its tax preparer is Catherine Haug of CRI Advisors LLC, located at 600 Cleveland Street Suite 1000, Clearwater — one block from Deuterium’s 1150 Cleveland Street address. Our recent article on Turquoise provides more details.  

The Foundation’s 2024 Form 990-PF (reporting calendar year 2023) discloses total assets of $140.5 million. The stock schedule includes: $60,250,000 in Age of Learning (ABCmouse), the educational software company founded by Scientologist Doug Dohring; $29,400,000 in the Carlyle Group (Partnership TCG 2.0 LP); $26,759,630 attributed to “Deuterium AS Offshore Investors”; and $3,567,550 in unrealized carried interest in a vehicle called Asterisk VI. Sub-entities listed in the tax schedule include Deuterium Positron, Falcon IIB (Irish UCITS), Mathesi (untraced), and Asterisk VI.

The Foundation made a single grant in the period covered by the 990-PF: $19,103,000 to the United States IAS Members’ Trust, 4751 Fountain Ave, Los Angeles CA 90029. The stated purpose was “Social Betterment.” The IAS Members’ Trust is the US domestic vehicle for the International Association of Scientologists. A $19.1 million grant from a single charitable foundation in a single year represents a substantial funding event for the IAS — routed through what appears on paper to be an independent philanthropic organization but is in practice an investment vehicle for a single Scientologist family office under the management of a Scientologist investment adviser, with a Scientologist attorney as president.

As of December 31, 2025, the Turquoise Foundation held $88,845,174 in assets under Deuterium’s management — a figure substantially lower than the $140.5 million in total assets disclosed in the 990-PF. The delta suggests either significant distributions (including the $19.1 million IAS grant), market movement between the periods, or assets held away from Deuterium’s direct management.

Steven L. Hayes: The Architect

Steven L. Hayes is a Florida attorney (Florida Bar 2010) operating from 2600 East Bay Drive Suite 230, Largo, FL 33771 — approximately three miles from the Church of Scientology’s Flag Land Base in Clearwater. He is an OT VIII Scientologist who completed the Freewinds OT VIII level in 1989 and the Super Power Rundown in 2014. His career arc illustrates how a single attorney can serve simultaneously as a Scientology organizational operative and a private legal architect for its wealthiest donors.

Hayes founded Citizens for an Alternative Tax System (CATS) in 1990 — confirmed by investigative reporting as an OSA front group, with Vic Krohn confirming it was entirely OSA-run, its purpose to abolish the IRS during the period when Scientology was engaged in litigation with the Service. In 1993, the IRS granted Scientology its tax exemption; OSA withdrew its support from CATS shortly thereafter and the organization withered. In 1996, Hayes purchased the assets of the Cult Awareness Network at bankruptcy auction for $20,000, converting the resource into a Scientology-friendly “New CAN” and Foundation for Religious Freedom — an entity subsequently listed in the 1993 IRS closing agreement as a Scientology-related organization.

In 2006, Hayes co-founded Novus Medical Detox Centers with fellow Scientologist Kurt Feshbach. Novus operated under Narconon trade names and functioned as a feeder facility for Narconon Spring Hill — a Narconon entity that paid Feshbach’s company $175,000 in annual rent. In 2013, Hayes co-founded the Institute for Effective Diagnosis and Treatment Inc. (Florida entity N13000001389) with his wife Paula Hayes, sharing the PO Box 4929 address that Turquoise Foundation now uses. That entity was voluntarily dissolved on January 3, 2022.

In 2018, Hayes was deployed to an IAS event where he was introduced to Ivan Gaspari by Ozsan, and created Ferrum C LLC for Duggan’s steel investment. By 2019, he had become Deuterium’s registered agent (effective March 29, 2019) and was featured alongside Trish Duggan in the October 2019 issue of Freedom Magazine. His wife Paula Hayes was installed as Deuterium’s CFO in 2021. In 2023, a motion for Hayes to appear pro hac vice in the GPB Capital EDNY case (1:21-cv-0058) was denied by Judge Vera Scanlon, who rebuked Hayes for misrepresenting the standing of his clients — associates of convicted GPB Capital founder David Gentile, including fellow Scientologist Matt Judkin.

As of 2026, Hayes simultaneously holds the following roles: Chair and President of the FAIRtax organization (the renamed successor to the CATS anti-IRS operation); President of the Turquoise Charitable Foundation; registered agent of Deuterium Capital Management LLC; legal architect of Trish Duggan’s financial arrangements; and husband of Deuterium’s CFO. His registered agent portfolio documented in Florida corporate records includes Deuterium Capital Management LLC, Foundation for a Drug-Free World Inc., United for Human Rights Incorporated, The Way to Happiness Foundation International Inc., Applied Scholastics International, and Florida FairTax Educational Association Inc., among others — a roster that maps the full perimeter of Scientology’s social betterment front group network in Florida.

The Switzerland Connection: AMBROSE, Soldati, and the Lugano Axis

Matt Feshbach and AMBROSE Cell Therapy

Matt Feshbach is an OT VIII Scientologist, the first $1 million IAS donor, and the founder of AMBROSE Cell Therapy, a Beverly Hills stem cell clinic located at 50 N. La Cienega Blvd Suite 201, Beverly Hills CA 90211 — three blocks from Cedars-Sinai Medical Center. AMBROSE was founded in August 2018 under the federal Right to Try Act and uses Cytori Celution adipose-derived regenerative cell (ADRC) technology, offering treatments at $42,500 cash only with international patient recruitment in seven languages including Arabic and Russian.

Feshbach’s history with stem cell medicine predates AMBROSE. In 2011, he co-founded Okyanos Cell Therapy in Freeport, Bahamas with Manuel Vianna (former CFO of Scientologist Craig Jensen’s Condusiv Technologies) and his brother Joe Feshbach. Joe Feshbach died of cardiac arrest twelve days after Okyanos received its first funding. The Bahamas clinic was funded by Ali Shawkat’s Passion Trust ($14 million, 2014 — Iraqi telecom money routed through BVI entities). Matt Feshbach filed bankruptcy in 2011 while simultaneously raising the Shawkat money, reported $138,000 in net worth to the IRS while wearing $6,000 suits, owed the IRS $3.8 million in back taxes, and was found by the courts to have engaged in willful evasion. The court refused to allow Matt Feshbach and his wife to discharge their taxes in bankruptcy. He departed Okyanos under disputed circumstances in May 2017 and founded AMBROSE the following year.

The Soldati Connection

AMBROSE’s Scientific Advisory Board is chaired by Dr. Gianni Soldati PhD, who also serves as the organization’s Chief Science Officer. Soldati is the founder of the Swiss Stem Cell Foundation in Lugano, Switzerland — the entity that operates the Swiss Stem Cell Bank, established in 2005. His institutional base is in Lugano, in the Swiss canton of Ticino, which is also the location of Ticore SA (the renamed Ivancore SA, the Swiss entity at the center of the Gaspari fraud involving Trish Duggan’s money) and the Swiss Stem Cell Foundation.

The geographic axis — Los Angeles (AMBROSE, IAS donor community), Clearwater (Deuterium, Turquoise, Hayes), London (Deuterium Asset Management Limited), Lugano (Ticore SA, Swiss Stem Cell Foundation) — is not coincidental. It maps a network of Scientology financial and institutional relationships that has been assembled over more than two decades and now manages hundreds of millions of dollars, directs tens of millions annually to the IAS, and provides high-cost medical services to wealthy international Scientologists under the cover of cutting-edge regenerative medicine.

Osman Ozsan: The Man Behind the Structure

Osman Orhun Ozsan is a British national born February 1970 who has been a Scientologist since the 1990s and currently resides in Switzerland — a detail now confirmed by multiple Companies House filings in which his country of residence is listed as Switzerland. He holds the title of Chief Investment Officer at Deuterium and is its sole beneficial owner through the DGF-DAM-DCM chain. He has had a London residence since at least 2001 and has also lived in Hong Kong and South Korea at various points in his career.

His earliest UK entity is Altea Real Property Limited (now Empirical Prospecting, in liquidation), incorporated in March 2005. Antifragile Limited, his UK real estate holding vehicle, dates to December 2012. The Ozsan Gregori & Co. entity — both in the UK and in Florida — was incorporated in February 2018 simultaneous with SEC registration. DGF and DAM were added in November-December 2021 to complete the holding structure. The total span of entity-building runs from 2005 to 2021 — sixteen years of incremental construction culminating in a fully integrated cross-jurisdictional investment management enterprise.

Ozsan manages Trish Duggan’s family office assets ($230.6 million non-discretionary), the Turquoise Foundation’s assets ($88.8 million discretionary), and the private funds ($315.5 million discretionary across four pooled vehicles). The Turquoise Foundation’s AUM at Deuterium and the Falcon IIB UCITS position confirm that the investment infrastructure and the IAS grant vehicle are operationally unified — the same firm manages both. The grant to the IAS Members’ Trust flows from a foundation whose assets are managed by a Scientologist investment adviser whose registered agent is a Scientologist attorney whose wife is that adviser’s CFO.

There is no indication that any of this violates applicable securities law. Deuterium is a registered investment adviser in good standing with the SEC and a member of the NFA/CFTC. Its Form ADV Part 2A reports no disciplinary history. The 990-PF is filed and available for public inspection. What the structure reveals is not illegality — it is architecture: a sophisticated, multi-jurisdictional financial infrastructure built to manage, multiply, and direct the wealth of Scientology’s most significant donors, with the IAS as the ultimate beneficiary. 

Pending research is in progress on the totality of what we have long called the Scientology Money Club: wealthy Scientologists, RTC, OSA, offshore money, lawyers, CPAs, and shadowy figures operating at the perimeter. The network documented in this article is not an isolated arrangement. It is one visible cross-section of a much larger architecture.

Nassim Nicholas Taleb, in Antifragile, distinguishes between Mediocristan — the domain of moderate, predictable variation — and Extremistan, the domain of rare, catastrophic, discontinuous events. A telling signature of a system transitioning from the former to the latter is a paradoxical compression of moderate volatility. The system appears increasingly stable by conventional measures — tighter dispersion, fewer visible disturbances, a surface of apparent calm — precisely because variance is no longer being expressed through frequent small deviations. It is accumulating in the tail. The pre-fracture state looks like apparent structural integrity.

Taleb identifies this as second-order fragility: systems that absorb stress invisibly for long periods and then fail catastrophically rather than degrading gradually. There is no graceful degradation mode. The Titanic does not slowly become a worse ship. Networks built on opacity, jurisdictional complexity, and the assumption that investigative friction is a permanent condition share this property. They either hold or they don’t.

The Scientology Money Club has held for a very long time. The frequency is changing.

Our recent coverage documents the convergence of some of the events now in motion across the network:

Scientologist Bob Duggan’s Summit Therapeutics Faces a Three-Front Legal War: Trade Secret Theft, Shareholder Fraud, and a $520 Million Self-Dealing Loan

US Ninth Circuit Court Certifies Pino v. Cardone as a Class Action: How Will this Affect Cardone’s Plan to Tokenize His Real Estate Holdings?

The Cardone Clan’s Digital Asset Empire: Grant’s $5 Billion Tokenization Gambit and the NODE40 Infrastructure Play 

The items in the node chart can be dragged and nodes types selected: 

Deuterium Capital Management LLC, Form ADV Part 2A, March 19, 2026 (CRD #294051)