Global Wine Investments Ltd, which was set
up in April 2011, would seem to have disappeared. The website
(wwwglobalwineinvestments.com) no longer operates and the phones are dead. The company had an account at London City Bond but apparently there is minimal stock in the account.
According to investor AR:
'I purchased 4 cases of Lafite Rothschild
2008, for £8.5k per case. I made the payment on 30th April. They have twice
offered me a refund, once spent a week telling me it was in the post, but
nothing has materialised. They have changed offices, changed directors several
times, their original CEO Michael Wilson was allegedly the CEO of a company
called Omera Ltd, which was financing global wine allegedly. This looks bogus
also.
I was promised by their solicitor a partial refund of £28,000 but received nothing.
The main culprit seems to be the ex-CEO
Michael Wilson, who has several companies with dodgy histories, such as Omera Ltd (06625374) until he wound that up last year. This company was supposed to be funding global wine. We need to get the word
out that he is a con artist. People are now contacting the police, hopefully
with enough people making allegations they will actually do something.'
Another director was a James Hamilton.
As well as being a director of Global Wine Investments Ltd, Michael
Wilson was also a director of Omera Limited, which was dissolved last
October, and a director of the similarly named Omera Ltd until his resignation
on 9th May 2012. Omera Ltd (07845830) was set up on 14th November 2011.
Global Wine Investments Ltd promised 'First Class Expertise'. The only expertise demonstrated would appear to be the ability to take its customers' money, not supply the wine and then do a runner.
Global Wine Investments Ltd promised 'First Class Expertise'. The only expertise demonstrated would appear to be the ability to take its customers' money, not supply the wine and then do a runner.
Omera Limited – dissolved on 18th October 2011 no accounts filed
Clients of Global Wine Investments Ltd, who have not received their wine, should make sure they report this company and its directors to ActionFraud. This is a central police registry for reporting fraud. Customers of Global Wine Investments Ltd may well be contacted by other scam companies offered to sort out their problems with Global. This is a classic 'white knight' ploy designed to rip off the investor for the second time. These companies should also be reported to ActionFraud.
There were two earlier posts on investdrinks about Global Wine Investments Ltd here and here.
There were two earlier posts on investdrinks about Global Wine Investments Ltd here and here.
Jim I am surprised you haven't yet commented on the FSA's proposal to ban the sale of wine to unsophisticated investors
ReplyDeletehttp://www.fsa.gov.uk/library/communication/pr/2012/083.shtml?cpsextcurrchannel=1
Does this mean these firms will be a thing of the past???
Anon. Fair comment. I will be doing so and have read the FSA proposals but have been away. My understanding of the proposals are that they will affect only collective investment schemes ie wine funds, so companies like Global and Worldwide who are 'selling' individual cases to individual investors will fall outside these proposals. I would be very happy to see the FSA or its successor regulating what can be claimed in respect to wine investments and how they can be promoted and sold.
ReplyDeleteHaving read several articles about this including the consultation paper it does seem as though the FSA mention FA's however in the article from the FT below it does mention high pressure sales people
ReplyDeletehttp://www.ft.com/cms/s/0/2d8322e2-edf6-11e1-8d72-00144feab49a.html#axzz25UxmcRFW
Really looking forward to your thoughts Jim
I have now spoken to Chris Hamilton at the FSA who confirms that the proposals relate to wine funds and not to the sale of individual cases to individual investors. Unfortunately the FSA's remit does not appear to cover the sale of non-fund wine investments, so it would appear that companies can sell and promote wine investments in anyway they wish, provided they don't fall foul of the fraud laws.
ReplyDeleteIn my view it is clear that if something is being touted as an investment there should be rules covering how that can be promoted and sold.
How ridiculous ! why dont they just ban it what a shame
ReplyDeleteJim, I too have now reported Global Wine Investments to Action Fraud. Is there anything you can do to get more clients to report them? They have vanished with my money, my wines and any confidence I had in this market. Something needs to be done. The more people who report them, the more likely an investigation will take place.
ReplyDeleteAnon. Good to hear you have used ActionFraud. I can only remind people that this is one thing they should certainly do when companies like Global Wine Investments and Worldwide Wine Investments disappear as well as urge bonded warehouses when contacted by misled customers of Global to recommend that they complain through ActionFraud.
DeleteJim, thanks for your advice. I will definitely ensure the warehouse try and get the message across to clients as well. Thanks.
ReplyDeleteDear Jim
ReplyDeletePlease, do you have any updates on Global Wine Investments?
Anon. No sorry I don't except that the FSA is now operating a scams complaints procedure.
DeleteIf I get any updates I will post them.
Also owns company called Consumer Credit Consultants trading as Claimsshop or Easyppireclaim. I have been trying to call them to check progress of my claim and no one answers. Been to the office and apparently still collects the post: Frazer house, 32 Leman St, E1.
ReplyDeleteYou all maybe interested in this address…
ReplyDelete70 St Mary Axe London, EC3A 8BE