Scammers target investors in failed wine venture

October 6, 2022


Scammers are targeting people who lost money when a wine investment scheme went under.

So-called “recovery room” fraudsters have been emailing investors posing a trading standards body promising to return lost funds.

They claim if they do not share personal details, they face getting nothing.

The Insolvency Service has been made aware that victims of the failed Global Wine Exchange are being approached.

Global Wine Exchange was put into compulsory liquidation in March 2022 after the courts determined that the rogue company abused £1.9m of investors’ funds.

Members of the public were persuaded to invest in fine wines that were never bought.

There were allegations the company targeted elderly and vulnerable people, failed to deliver wine to customers and false claims that wine was in storage.

It has since been uncovered investors who lost money through Global Wine Exchange have been targeted by recovery room scammers, falsely posing as officials from a trading standards professional body.

The scammers dishonestly claim that if the investors do not engage with them and share personal details about their claim in the liquidation, which only the Official Receiver as liquidator can receive, their funds will not be returned.

Senior Examiner, Mark Ireson, said: “Recovery room scammers deceitfully impersonate a legitimate corporate entity and claim they are acting on their behalf to help you recover lost fees.

“In the Global Wine Exchange case, the scammers are sending emails from what look like official trading standards accounts.

“We strongly urge Global Wine Exchange investors to ignore these messages and report them straight to the Official Receiver.

“The Official Receiver will never ask you to pay an up-front fee to get your investment back and as liquidator, the Official Receiver is the only person that can distribute available funds.”

If you were an investor into Global Wine Exchange and have been contacted by a recovery room scammer, please report this to the Official Receiver: [email protected].

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