20 February 2015
Fine wine scammer gets maximum disqualification
Bordeaux Fine Wines Ltd (“BFW”) was incorporated on 18 September 2008. Its trading address was at 3rd Floor, Lansdowne Road, Croydon CR9 2ER.
Mr Gundlach caused BFW to trade in a manner which lacked commercial probity in that he caused it to fail to purchase and/or allocate sufficient cases of wine to satisfy purchases made by its customers. In particular between 3 March 2009 and the cessation of trade BFW:
Sold 3,196 cases of wine totalling at least £19,264,388 to members of the public as an investment; and
Caused BFW to continue to market and sell wine to investors who either had no account at the LCB or when BFW had not transferred the previous purchase into the investor’s bonded warehouse account; and
5. The result of which is that following the making of the winding-up Order, wine held in BFW’s bonded warehouse account could not be allocated to a particular investor.
6. At a time when BFW was failing to purchase sufficient wine to satisfy investors purchases and failing to allocate wine to a particular investor’s bonded warehouse account, Mr Gundlach:
Received dividends totalling £10,680,516 as shown in accounts filed at Companies House; and
Appears to have used BFW’s account for his personal benefit
Selected transactions identified in the Company bank accounts and/or records show the following payments:
A disqualification has the effect that without the specific permission of the court, a person with a disqualification cannot:
All public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit (South), The Insolvency Service, 2nd Floor, 4 Abbey Orchard Street, London SW1P 2HT. Tel: 020 7637 6228 Email: firstname.lastname@example.org
David Ingram of Grant Thornton UK LLP was appointed as liquidator of the BFW on 14 March 2014 following a meeting of creditors. As part of Mr Ingram's duties as the liquidator, he is to realise assets for the benefit of the liquidation estate and will investigate the affairs of Bordeaux Fine Wines Limited and the conduct of Mr Gundlach in so far as it assists him in identifying and recovering assets. To date, Mr Ingram has realised the total sum of £1,423,132 for the liquidation estate and his investigations are ongoing. Investors and creditors who have not submitted a claim in the proceedings should contact the liquidator’s office: email@example.com