Three face jail for wine investment scam
Two men and one woman are facing jail for their role in a wine investment scam, according to media reports on Tuesday.
The 49-year-old chief suspect is facing a four-year jail term, the others two years, for their role in the fraud which involved 350 investors who put €19.4m in supposedly rare wines.
Investment company Bordeaux Advisory was started up with one aim: ‘to rip off investors and get rich,’ the public prosecution department said in a statement.
Victims of the scam paid more than €1,100 for a case of wine which Bordeaux Advisory bought for €4.75 a bottle, the prosecution says.
Wine-lovers’ website Decanter.com says one Ontario investor bought eight cases of 2002 Château Lagrave Paran Bordeaux Supérieur for €1,170 a case – a wine which is available for around €140 a case.
The Financial Services Authority AFM issued a warning to investors not to put money into the company in 2007. The company was declared bankrupt in 2008.
The Amsterdam court is due to rule on the case on November 24.
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