Watch out! Former EFW customers targeted by variety of scams

The former offices of European Fine Wines Ltd in Bromley

Former clients of EFW/European Fine Wines Ltd are being targeted by a variety of scamsters – all dedicated to thinning clients wallets even further. Most overpaid for the wines they bought from EFW. It is very clear that client lists including not just contact information but also details of the wines they purchased have been passed around – sold on etc.

Over-high valuations and Chinese sales   

Some like Lewis Samuels of Samuels & Parker Ltd are making remarkably high offers on portfolios. Samuels, based in Downham and Dubai, tend to claim that he has a Chinese buyer for these wines – unfortunately the Chinese buyer has a tendency to be rather fickle and change their mind. More recently he has also found a UK buyer to pay around £72,000 for a portfolio valued by another, long established broker at £55,000.  

London City Bond – fake employees 

Other scamsters have pretended to be employees of London City Bond claiming to have located wine that they say they can sell for the client. Of course an advance fee is required to facilitate this sale. Needless to say – see the letter from David Hogg from London City Bond below – this is a lie. Like the famous Nigerian 419s this is looks to be advanced fee fraud.     

Dear Customer 

I am writing to you as the former storage provider for European Fine Wines.

As you will be aware European Fine Wines have now been placed into Liquidation and we are currently working with the appointed Liquidator.

However, it has been brought to our attention that some customers have received telephone calls and letters (see below) from unknown individuals, claiming to be from London City Bond (LCB) and offering to buy their wines or in exchange for a fee, secure your stocks from the Liquidator.

These people do not work for LCB and we never cold call any customers offering such services.

Should you receive any such calls, we would urge you not to accept any offer under any circumstances.

If you are able to ascertain any details about the caller, number used etc we would be grateful for this information in order that we can pass this on to the Police.

Please feel free to contact our Customer Services team on 0843 659 3617 or at vtcustomerservices@lcb.co.uk for any further assistance.

Many thanks.

Regards
David Hogg

Sales Director

Text of letter above
12th Feb 2015

Dear Mrs

We write to confirm that we have located fine wine assets under your name which have been within our bonded warehouse. The storage for your assets are now due for renewal and so can you please inform us how you wish to proceed. We can offer you an option to sell your case of wine and we have been approached by an interested buyer who would like to present a formal offer of £7,228.91.

If you are happy to accept this offer of sale, a fee of £722.89 will be due to cover fees for the sale of which we will complete on your behalf.

Should you have any further queries, please contact us on 0207 859 4313.

Kind regards

James Reynolds
Storage Management


Abbott Fielding/Grant Thornton – fake employees
This is a variant of the fake employees at London City Bond. This time the scamsters claim falsely to be employees the liquidators and for a fee can release clients' wines. Again this looks like advanced fee fraud. 

Message from Nedim Ailyan of Abbott Fielding Limited:
    

'Evolution of Conmen

I am writing to you to see whether you could give assistance, as we have noticed over the last week or so a worrying development in the evolution of conmen in relation to commodity fraud and in particularly wine fraud.

As you are aware I am the Liquidator of in excess of a dozen wine frauds, the vast majority have been dealt with by the Police.  We have had disturbing calls from creditors over the last 3 or 4 days, where creditors have been contacted by individuals purporting to be from Abbott Fielding and requesting they pay across a sum of money to release their wine.

I have contacted other insolvency practitioners and established that Grant Thornton have also been the victim where third parties have contacted creditors of companies they are dealing with alleging they are from Grant Thornton and requesting payment of small sums of money to release their goods.

We have contacted the relevant authorities to advise this and are currently collecting the names and phone numbers which will be forwarded on to the Police.

Nedim Ailyan

Abbott Fielding Limited

European Fine Wines Ltd (EFW): warning scammers very active!!

 The former premises of European Fine Wines Ltd in Bromley

– now in liquidation

There are currently a rash of white knight scams linked with European Fine Wines Ltd, which went into liquidation on 25th June 2014, when Nedim Ailyan of Abbott Fielding Limited was appointed as liquidator. 

The scams include letters, using a European Fine Wines Ltd letterhead, sent   to clients of European Fine Wines Ltd as well as phone calls from people claiming to work for Abbott Fielding or to have been appointed by them or in the instance below from someone claiming to be the ex-financial director of European Fine Wines Ltd.  

Comment received for investdrinks yesterday (21.1.2015):

'I've just received a call from European Fine Wines ex financial director??? They are back in business and trying to sell me insurance to protect me from the company brought in as liquidators from only giving me 5p for every £1 invested. I actually own the wine and have it stored, is this true or a scam - help feeling very confused as thought I was one of the lucky ones?'

investdrinks understands that Rothstein Capital & Partners are among the companies contacting clients of European Fine Wines Ltd. I understand that Grant Thornton as well as Abbott Fielding have previously reported the activities of Rothstein Capital & Partners to the Police.  

All these are scams as Nedim Ailyan, the liquidator, explains:        

'In recent weeks, a company has been writing to the creditors on European Fine Wines letterhead alleging that they are the company and trying to obtain money from them.

 

In addition, a third party has been ringing creditors alleging he works for my office and that for a small payment, he can get people's wine.

 

Needless to say, anyone who passes any money to both these parties receives nothing. European Fine Wines Limited is in liquidation and any and all correspondence, that clients receive will be received from Abbott Fielding only.'

Don't fall for these advance fee frauds, they will only increase the losses you suffered through European Fine Wines Ltd.

If you have the slightest doubt contact:  

Abbott Fielding Limited, 142/148 Main Road, Sidcup, Kent DA14 6NZ  

Tel: 020 8302 4344

Fax: 020 8309 9178

www.abbottfielding.co.uk

As European Fine Wines goes into liquidation debts hit £2 million

Premises of European Fine Wines Ltd in Bromley

At the creditors' meeting on 25th June 2014 held in Bexleyheath, South London, Abbott Fielding Ltd were appointed liquidators for European Fine Wines Ltd, a wine investment company based in Bromley and founded in 2005.

Debts originally thought to be between £500,000 to £1 million have now climbed to £2 million. In their nine years of operation EFW turned over £80 million in wine.

Nedim Ailyan, the Insolvency Practitioner at Abbott Fielding Ltd, said: "We were told the debts were less than one million. However, once we were able to look at the books, we saw that the debt was actually £3 million against assets of £1 million - mainly wine.'

According to Ailyan a major factor in the company's collapse was their decision to set up an office in Hong Kong. "They sank £1 million into this gamble. Unlikely companies like Farr Vintners, who have successfully set up branches in Hong Kong, EFW did not have the specialist staff or the contacts necessary to succeed."

Abbott Fielding will be investigating how far the Hong Kong adventure was funded by investors' funds intended to buy wine.

"It is all right to gamble but not with other people's money," added Aiylan.

It is still unclear how much wine was not bought as I am getting reports from investors that some of their wines are missing. 

••

Encarta Fine Wines Ltd: also ceased trading?

 'Encarta Investment Group was founded in 2006..

down to earth, friendly and helpful fine wine investment company'  

Encarta website no longer found

Yet another 'wine investment' company may have ceased trading as the Encarta Fine Wines's website has disappeared.

Update: 7.7.2014 The Encarta website is now back up, although a phone call gets a recorded message.

European Fine Wines Ltd – liquidation + creditors' meeting

European Fine Wine Ltd premises in Bromley

Confirmation that European Fine Wines Ltd is going into liquidation. The creditors' meeting will be held on 25th June 2014 at the Marriott Hotel in Bexleyheath. Apparently the deficit is believed to be less than £1 million. Most investors appear to have received their wine, although in many instances they probably paid too much for their wines. Some investors are having a nasty shock when they discover the true value of the wines they hold. There does, however, appear to be some investors who for the moment do not have their wine.

The principal reason for the failure of European Fine Wines Ltd is being blamed on their failed attempt to open premises in Hong Kong following the success of legitimate and long established merchants like Berry Brothers & Rudd and Corney & Barrow in setting up offices there. investdrinks has been told that EFW Ltd lost some £800,000 in this abortive attempt to establish a presence in Asia-Pacific. 

Having two directors – Scott Assemakis and David Evans – banned for 11 years from being UK company directors for their part in land banking scams cannot have helped the reputation and fortunes of European Fine Wines Ltd.

The move to liquidation is being managed by Nedim Ailyan of Abbott Fielding in Sidcup. Tel: 0208 302 4344, email: info@abbottfielding.co.uk

 

European Fine Wines Ltd: 'all lines are currently busy ...'

The Bromley premises of European Fine Wines Ltd:

11 Bromley Common, Bromley BR2 9LS (Google maps – street view)

Accounts overdue since 30.11.2012

www.efwines.com – This website is currently offline 

Was still on-line earlier today

The signs suggest that European Fine Wines Ltd (also called EFWines) has ceased trading and is likely to go into liquidation. The company was set up on 15th August 2005 and has been one of the longest running dubious wine investment companies.

I received an email this morning telling me that all the staff had been 'sacked'. The Bromley phone number has been unable to any calls throughout today as 'all of our lines are busy'. The company accounts have been overdue since 30th November 2013 and the company website (www.efwines.com), which was live earlier today, is now off-line and suspended. It is reported that the debts of European Fine Wines Ltd are between £500K and £1 million. It remains to be seen whether any of this is wine ordered by its clients. I suspect that there will be a number of clients who will now discover that they have paid over the odds for their investment wines.

On 16th April 2014 European Fine Wines Ltd changed its registered office from 68 Lombard Street in the City of London to 131 Edgware Road, London, W2 2AP – the address of chartered accountants Bright Grahame Murray.

About us – from website before it went down

'the aim was to run a company'

About EFWines (from their website)
'EFWines is a leading wine merchant who pride themselves on offering a diverse portfolio of Europe's finest wines for enthusiastic wine collectors. Established in 2005, we are specialists in building portfolios and known for bringing our thousands of customers returns that they can toast to, read what collectors are saying.

The aim was* to run a company that not only offered collectable wine but also offered a complete personal service. Building relationships with customers is key to our business model, and after advising customers on how to build a portfolio of the most collectable wines, our account managers maintain regular contact with our clients, providing a current assessment of the fine wine market, together with a review of their holdings.

We are a team of people who care passionately about fine wine. Over the past seven years we have hired key members of staff who have previously worked in property** and finance sectors, before bringing their expertise and knowledge into the fine wine market, turning their interest and passion for fine wines into their profession.

Part of the team’s objective at EFWines is to always strengthen and expand our base of technical knowledge and to keep developing our palates. All members of staff are encouraged to develop their own wine knowledge, and most hold WSET qualifications.

In 2010, the company decided to take advantage of the huge demand for quality wines in the Asian market.  We now have offices in both Hong Kong and the Chinese mainland; with staff fluent in Cantonese, Mandarin and, of course, English, we truly are able to speak the language when it comes to selling our (and your) stock of both consumption and premium grade wines into what is now the world's most important market.

We use the specialist fine wine storage facilities of Vinotheque, operated by the respected bonded warehouse operator London City Bond, (LCB) for the storage of your wine; your collection is stored under your name and under bond, which means there is no duty or VAT to pay. You are also able to access, view and manage your account online through LCB’s website. Using their independent inspection services, we are able to provide a condition report, including photographs, of the wines before you purchase.

View which wines we currently have in stock and note that our list is updated regularly. If there are any wines that you have in mind and are not on our list, let us know as we are able to source wines that are not currently in stock. 

The combination of our expertise and our strong relations with suppliers places us at the forefront of our trade, ensuring we can offer attractive prices to those looking for healthy returns on their fine wine portfolio.

Let us share our enthusiasm and knowledge with you, start building your knowledge today by calling 020 3236 0100.'

Notes:
* Interesting use of past tense – was! 
** Presumably land banking – directors Scott Assemakis and David Evans struck off in 2013 for their part in these scams.

Will the associated companies live on?

32-year-old Jonathan Ross Barr is now the sole director of European Fine Wines Ltd. Back in July 2013 European Fine Wines Ltd had two of its directors – Scott Assemakis and David Evans – banned from serving as UK directors over their part in two land banking scams. See here.   

Barr is a director of eight other companies: Wine Works Ltd (registered office 131 Edgware Road. Company used to be called EFWines Ltd), Sawa Wines Ltd – in the process of voluntary dissolution (previously called European Fine Wines (2012) Ltd – name change: 20.9.12), EFW Employee Services LLP, Future House (registered office 11-13 Bromley Common), Commercial House Ltd (also registered office 11-13 Bromley Common), Efw Bordeaux Ltd (founded 17.2.2014 – 131 Edgware Road), Ef Wines Ltd (founded 24.2.14 – registered office 131 Edgware Road), and Jrb Associates (founded 25.2.14 – – registered office 131 Edgware Road). Barr used to be a director of Efw Employee Services LLP (from 1st December 2013 to 30.4.2013. Company is now registered at 131 Edgware Road. Niklaus Cashman, formerly a director of The Bordeaux Wine Trading Company was briefly a director from 1.12.2012 — 30.4.2013).

Also at 131 Edgware Road is Efw Burgundy Ltd (founded 17.2.2014, sole director: 52-year-old Mrs Nichole Sanchia Forward) and Efw Rhone Ltd (founded 17.2.2014, sole director: 52-year-old Mrs Nichole Sanchia Forward).  

 

Update 7.6.2014: Registered office changed to 142-148 Main Road, Sidcup, Kent DA14 6NZ  on 5th June 2014. This is the address of Abbott Fielding Ltd, whose partner Nedim Ailyan has handled an number of insolvencies of wine investments companies including Bordeaux UK Ltd.