I understand that at the creditors' meeting on Wednesday that RSM Tenon were appointed as the liquidators of the company. I am hoping to get further details from Tenon early next week and will post them when I have them.
Saturday, 31 July 2010
Tuesday, 27 July 2010
Two trials to come in the autumn – previous successes for the SFO
As there are two wine investment trials due to start in October following police investigations, I thought it was timely to list previous prosecutions for conspiracy to defraud brought in these instances by the Serious Fraud Office – see press releases section. Details of some of these trials are on my www.investdrinks.org site.
Cavendish Wine Merchants/Hamilton Spirit Management
This was the first prosecution brought by the SFO in respect to drinks investment fraud and involved 'investments' in barrels of malt whisky. The case involved Lewis Daulby, who pleaded guilty before the start of the trial, Lee Rosser and Julian Blee. Rosser and Blee were found guilty.
Details:
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2001/whisky-and-champagne-investments-four-convicted-for-defrauding-clients.aspx
House of Delacroix
This was an associated trial (early 2001) to Cavendish/Hamilton as this was a company dealing in Champagne for the Millennium set up by Blee and Rosser with Craig Dean. Blee and Rosser pleaded guilty before the start of the trial. Craig Dean was found guilty.
Details: http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2001/craig-dean-sentenced-in-millennium-champagne-fraud.aspx
Marshall Wineries
Marshall was another malt whisky investment company, which also offered Champagne for the Millennium. The trial was held in the first part of 2004. The appropriately named Stephen Jupe was found guilty.
Details
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2004/owner-of-whisky-investment-business-guilty-of-fraud.aspx
Vintage Wines of St Albans
The company offered wines and spirits as investments to Americans, targeting doctors in particular. Four of the five defendants were found guilty in August 2008 – one was acquitted. Two of the four couldn't be named at the time. Shameen Suleman was found guilty, while Stephanie Callebaut pleaded guilty before the trial started. Haroon Khatab also also found guilty but his name had to be concealed until he was later pleaded guilty to an Asian meals fraud. This food fraud also involved a couple of victims of the Vintage Wines fraud.
Details
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2008/vintage-wines-of-st-albans-–-four-sentenced.aspx
Asian food fraud:
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2009/jail-for-bedfordshire-frozen-foods-businessmen.aspx
This was the first prosecution brought by the SFO in respect to drinks investment fraud and involved 'investments' in barrels of malt whisky. The case involved Lewis Daulby, who pleaded guilty before the start of the trial, Lee Rosser and Julian Blee. Rosser and Blee were found guilty.
Details:
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2001/whisky-and-champagne-investments-four-convicted-for-defrauding-clients.aspx
House of Delacroix
This was an associated trial (early 2001) to Cavendish/Hamilton as this was a company dealing in Champagne for the Millennium set up by Blee and Rosser with Craig Dean. Blee and Rosser pleaded guilty before the start of the trial. Craig Dean was found guilty.
Details: http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2001/craig-dean-sentenced-in-millennium-champagne-fraud.aspx
Marshall Wineries
Marshall was another malt whisky investment company, which also offered Champagne for the Millennium. The trial was held in the first part of 2004. The appropriately named Stephen Jupe was found guilty.
Details
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2004/owner-of-whisky-investment-business-guilty-of-fraud.aspx
Vintage Wines of St Albans
The company offered wines and spirits as investments to Americans, targeting doctors in particular. Four of the five defendants were found guilty in August 2008 – one was acquitted. Two of the four couldn't be named at the time. Shameen Suleman was found guilty, while Stephanie Callebaut pleaded guilty before the trial started. Haroon Khatab also also found guilty but his name had to be concealed until he was later pleaded guilty to an Asian meals fraud. This food fraud also involved a couple of victims of the Vintage Wines fraud.
Details
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2008/vintage-wines-of-st-albans-–-four-sentenced.aspx
Asian food fraud:
http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2009/jail-for-bedfordshire-frozen-foods-businessmen.aspx
Thursday, 15 July 2010
Encarta Fine Wines Ltd: 'the worst case scenarios from our company' (part 2)
HM (see previous post) received a number of calls and emails from Encarta Fine Wines Ltd. One of them sent by Paul Stapleton, senior portfolio manager.
'Dear Investor
Stapleton illustrated his point with three wines: 2007 Léoville-las-Cases (Encarta price: £1500), 2005 Lynch-Bages (Encarta price: £1400) and 2006 Pichon-Lalande (Encarta price: £895). He claimed an compound annual growth rate of 14% for the Léoville, 13% – Lynch-Bages and 25% for the Pichon.
Remarkable rises and doubtless tempting! However, outside an 'exciting, faced paced broking environment staffed by 'driven, money motivated individuals' the reality is considerably less tempting. wine-searcher.com shows that in mid-June 2010, the 2007 Léoville-las-Cases could be bought for £795 from Robert Rolls (8.6.09), Veblen Wines Ltd had the Lynch-Bages for £775 (10.6.10) and Interest in Wine Ltd had the Pichon at £635.
'Dear Investor
Thank you for your interest in our company. Attached is some additional information to keep you upto date with the sector and how it is progressing. Please find below the wines that we have in allocation which are a GREAT START, to a successful working portfolio. These allocations are flying out, so if you have any questions, queries or would like to add one of these to your portfolio, please email me or call my direct line.
I look forward to hearing from you.
Kind Regards
Paul Stapleton
Senior Portfolio Manager
Encarta Fine Wines Ltd
Mayfair House
14-18 Heddon Street
Mayfair
London
W1B 4DA'
Kind Regards
Paul Stapleton
Senior Portfolio Manager
Encarta Fine Wines Ltd
Mayfair House
14-18 Heddon Street
Mayfair
London
W1B 4DA'
Stapleton illustrated his point with three wines: 2007 Léoville-las-Cases (Encarta price: £1500), 2005 Lynch-Bages (Encarta price: £1400) and 2006 Pichon-Lalande (Encarta price: £895). He claimed an compound annual growth rate of 14% for the Léoville, 13% – Lynch-Bages and 25% for the Pichon.
Remarkable rises and doubtless tempting! However, outside an 'exciting, faced paced broking environment staffed by 'driven, money motivated individuals' the reality is considerably less tempting. wine-searcher.com shows that in mid-June 2010, the 2007 Léoville-las-Cases could be bought for £795 from Robert Rolls (8.6.09), Veblen Wines Ltd had the Lynch-Bages for £775 (10.6.10) and Interest in Wine Ltd had the Pichon at £635.
Encarta price for the three wines: £3795
Price if bought from cheapest merchant: £2205
Difference £1590
Difference £1590
Mr Stapleton's 'GREAT START': 72% more expensive.
Furthermore, Encarta's claims of the rise in price of these wines are meaningless and misleading. These percentages show, if they mean anything, only by how much Encarta has whacked up the prices in its short trading history.
In reality wine-searcher shows that the Léoville fell by 10.6% from the lowest price available in June 2009, while the Lynch-Bages was up by 6.5% and the Pichon by 8.7%. Furthermore, prices for these three wines have dropped over the past month with the Léoville (£780: minus 10.7%), Lynch-Bages (£750: 3.3%) and Pichon (£620: 6.5%).
Furthermore, Encarta's claims of the rise in price of these wines are meaningless and misleading. These percentages show, if they mean anything, only by how much Encarta has whacked up the prices in its short trading history.
In reality wine-searcher shows that the Léoville fell by 10.6% from the lowest price available in June 2009, while the Lynch-Bages was up by 6.5% and the Pichon by 8.7%. Furthermore, prices for these three wines have dropped over the past month with the Léoville (£780: minus 10.7%), Lynch-Bages (£750: 3.3%) and Pichon (£620: 6.5%).
The figures speak for themselves!
Full advert is here.
••
Bromley based jobs with Encarta Fine Wines Ltd
Some extracts from a advert placed with WorkFinders network by Encarta:
SALES/ BROKERS WANTED URGENTLY – CALLING ALL EXPERIENCED OPENERS & CLOSERS – £120K+ OTE
•
MUST BE BULLISH - MONEY MOTIVATED - RESOLUTE – HIGHLY DRIVEN AND VERY COMPETITIVE!
DON’T WASTE YOUR TIME IF YOU AREN’T A CLOSER, THIS JOB IS FOR WINNERS ONLY!
ONLY APPLY IF YOU HAVE EXPERIENCE IN SALES OR BROKING AND A DRIVE TO SUCCEED.
WANTED: BULLISH PEOPLE WITH PASSION....................
•
We are seeking professional closers who can demonstrate a proven track record.
Unlimited earning potential with top performers earning on average over £10k per month, with prompt payment for you!
Now is the time to take advantage of the Wine investment market.
Those with experience in stock broking, wine broking, land broking are ideal although if you have a strong sales background and are sharp on the phone, WE WANT TO HEAR FROM YOU!
WE NEED CLOSERS, BROKERS, AND SERIOUS SALESPEOPLE WHO WANT TO MAKE SERIOUS MONEY AND WHO AREN’T AFRAID TO ASK FOR THE MONEY!
YOUR EARNINGS ARE UNCAPPED AND YOU CAN MAKE £10K - £15K PER MONTH
•
Our young and energetic company, is based in the bromley*, with fantastic incentives on offer. We believe strongly in rewarding sales people who work hard and beat targets!
ROLE:
WORKING WITHIN A PHONE SALES ENVIRONMENT YOUR ROLE WILL INVOLVE:
• SPEAKING TO POTENTIAL INVESTORS AND INTRODUCING THE COMPANY AND THE CONCEPT OF WINE INVESTMENT
• NURTURING AND MAINTAINING RELATIONSHIPS
• CLOSING DEALS
Where to apply, inquire, or obtain further information
Dean Doughty
Tel: 08009707991
E-mail: investjob@hotmail.co.uk
Full advert is here.
* If the company is based in Bromley why change the registered office trom Bromely to Heddon Street in Central London in October 2009 and give this as its contact address on the website? You would have thought that 'a good, down to earth, friendly and helpful fine wine investment company' would want its clients to know its trading address.
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