Investors in sham wine fund on ‘mugs list’17th March, 2014 by Lauren Eads
The names of customers who invested in a sham fine wine company are likely to be included on a “mugs list”, liquidators of the company have warned.
Today, liquidators of the company warned the names of its investors may be included on a so called “mugs list” and could be targeted again, according to a report by The Telegraph.
The Croydon-based firm sold wines from Bordeaux and other fine wine producing regions by cold-calling potential investors and are believed to have scammed nearly 500 people out of sums ranging from £20,000 to £2m.
The company’s owner allegedly told investigators his mark-up on wines was 60%, however a report in The Sunday Times said accounts filed by Bordeaux Fine Wines suggested the figure was closer to 336%.
While the company turned over nearly £20m in 2012, just £200,000 of wine was thought to be stored for investors.
The company went into provisional liquidation on 19 December following and investigation by the Insolvency Service.
David Ingram, of Grant Thornton who is in charge of the company’s liquidation, reportedly told the victims in a letter: “Your names are likely to be on a ‘mugs’ list … you are likely to be targeted again”, according to The Telegraph.
The company previously previously hired the “Wolf of Wall Street”, Jordan Belfort, to give a motivational seminar.