A company that was found to have misled customers to invest in fine wines has been wound up in the High Court.
Intercontinental Wines Limited was wound up in the public interest at the High Court on November 23, after the court heardthe company, which had claimed to be a wine broker, had used client funds forpersonal expenditure.
According to the Insolvency Service, a government-sponsored executive agency, Intercontinental Wines had used high-pressure cold calling to target members of the public.
Customers were toldinvestments in wine were secure and resulted in profitable returns andthe cases would be stored in bonded warehouses under personal accounts.
However, an investigation bythe Insolvency Service foundonly about 10 per centof custome…
Read the full article at: https://www.ftadviser.com/investments/2018/12/03/fine-wine-investment-scheme-shut-down-by-courts/