Archive for November, 2010

Wine Investment Cold Calls – a Warning

Posted in Advice, News on November 16, 2010 by AB

I’d like to draw attention to what appears to be a new scam in the often murky world of wine investment (see Jim Budd’s Investdrinks Blog) – 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 purchase wines as from serious, long standing ‘blue chip’ merchants.

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!

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