I'm very happy to post details of this new scam that Lionel Nierop of Bid for Wine has brought to my attention. Although not all the 'modi operandi' of this scam are not fully apparent at present, it appears to be similar to the scams that target European producers, particularly in France, attempting to secure consignments of wine without paying for them using the names of legitimate companies.
If anyone has any information about callers hijacking a legitimate company’s good name please email me on budmac@btinternet.com
Once again this is another warning that cold calls are bad news.
Just freeze out cold callers.
Remember that no company authorized by the Financial Services Authority can use cold calls.
From Lionel Nierop, managing director – Bid for Wine:
Wine Investment Cold Calls – a Warning
I’d like to draw to the attention of readers of investdrinks to what appears to be a new scam in the already murky world of wine investment – namely hijacking the name of an established business. The fraudsters then use the name to sell wines for investment, presumably with the intention of pocketing investors’ funds and leaving the legitimate business taking the heat.
I became aware of the ‘scam’ yesterday evening after I was emailed by a gentleman wishing to complain about several cold calls made to him, ostensibly by one of my employees. The caller was apparently rude and persistent.
The email was a surprise and puzzled me for several reasons:
- Firstly we do not solicit for business by cold-calling.
- Secondly we have no employee with the name I was given.
- Thirdly I am deeply sceptical about wine investment in general. This stems from regularly having to auction off stock at for people who have been mis-sold wines as being suitable for investment and have then seen the deal gone sour. I would always advise anyone considering putting their money in to wine to look beyond the sales pitch and, if still convinced, only to consider purchasing wines as from serious, ‘blue chip’ merchants (see Jim Budd’s list).
I am sure that we at Bid for Wine (www.bidforwine.com) are not the only ones who are having our name misused in this manner and I would urge the trade to be vigilant and anyone being contacted by cold-callers selling wine as an investment to take details and pass them on to the police. In addition, if anyone encounters our name in association with such a sales pitch I would be very grateful for any information!
Lionel Nierop
Managing Director
Bid for Wine
www.bidforwine.co.uk
bidforwine.wordpress.com
Tel. +44 (0)207 183 3985
Mob. +44 (0)7762 566894
The Wine Trade Ltd (T/A Bid for Wine) is registered in England & Wales, Company No. 6521437.
Registered Office Address: 2nd Floor, 145-157 St John St, London, EC1V 4PY.
Correspondence Address: P.O. Box 638, Exeter, Devon, EX1 9JY
