FBI investigating Premier Cru ‘ponzi scheme’

The FBI is investigating bankrupt wine retailer Premier Cru under suspicion of running a ponzi scheme.

Premier Cru went bankrupt last month with debts of over US$70 million and several outstanding lawsuits from clients who had failed to receive wines they paid for.

The investigation into the business was quickly turned over to the FBI and it recently confirmed to Wine Spectator that its inquiries were now focused on claims that the California-based retailer was operating a Ponzi scheme.

When it filed for bankruptcy last month, Premier Cru apparently had US$6.8m in wine inventory.

A lawyer for one of the plaintiffs currently suing Premier Cru for non-delivery of wine told Wine Spectator: ”If Premier Cru had purchased the wine for which it took customer funds, then it should have $70 million in wine inventory as well as $70 million in debt. But it has only $6.8 million in wine. Where is the other $63.2 million? In the Cayman Islands?”

It was recently reported that the suicide of Benoît Violier,one of France’s top chefs, was linked to debts he had accrued after falling victim to a Ponzi scheme operated by a Swiss wine company.

Premier Cru’s founders, John Fox and Hector Ortega, are expected to attend a creditors meeting on 21 February.