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. 

FineWineCellarBordeaux Fine Wines was closed by the High Court in February following a petition from the UK government’s Insolvency Service.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletters

Job vacancies

Sales Manager – Midlands and South West

Pol Roger Portfolio
Midlands and South West

UK Brand Ambassador - That Boutique-y Gin Company

That Boutique-y Gin Company
Tunbridge Wells, Kent, UK

Senior National Account Manager – Grocery (Craft Spirits)

Maverick Drinks
Tunbridge Wells, Kent, UK

Senior National Account Manager – Wholesale RTM (Craft Spirits)

Maverick Drinks
Tunbridge Wells, Kent, UK

Digital Marketing Manager

Master of Malt
Tunbridge Wells, Kent, UK

Experienced On Trade Sales Person

Borough Wine Imports
London, GB

3 x Business Development Executive

The Lakes Distillery Company Limited
Newcastle head office and nationwide, UK

Editor

Master of Malt Ltd
Tunbridge Wells(Kent)

Sales Account Manager - On-Trade

Berkmann Wine Cellars
Liverpool

Brand Manager

Hallgarten Druitt
Luton, UK

Experienced On-Trade Salespeople Required

Portal Wines and Spirits
London, UK

Purchasing and Sales (Wine Trader)

JF Tobias
London, UK

The Global Merlot Masters 2017

Deadline : 17th April 2017

db Awards 2017

Deadline : 28th April 2017

The Global Organic Masters 2017

Deadline : 14th April 2017

The Global Sparkling Masters 2017

Deadline : 12th May 2017

Click to view more

Global Chardonnay Masters 2016

Now in its fourth year, the competition will identify the best Chardonnay from all around the world in every price range.

Rioja Masters 2016

Now in its fifth year, the competition will recognise and reward the finest Riojas on the world stage.

Fortified Masters 2016

Now in its third year, The Fortified Masters will reward the best fortified wines on offer.

The Global Malbec Masters 2016

the drinks business is proud to announce the inaugural Global Malbec Masters 2016.

Click to view more