In an uncertain economy, whisky is proving to be a reliable and increasingly lucrative investment. But with good returns come bad actors, including one very bizarre scam that was just broken up by the FBI.
Per Cleveland.com, three companies in England defrauded around 150 people, many elderly, out of $13 million by promising high returns on investments in rare wine and whisky. These companies cold-called their victims in the U.S. and used fake names, British accents — admittedly, because they were probably British — and “aggressive and deceptive tactics” on the calls, promising big gains and high-end parties in Scotland for investments in spirits like 2017 Craigellachie Scotch. One 89-year-old Ohio resident is reportedly out $300,000.
Thankfully, the FBI recently arrested Casey Alexander, who agents said handled the money for the London-based scheme. The companies in question had refused to honor requests to return money to investors, as well as several cease-and-desist letters from state security agencies. A sting operation utilizing a source inside the whisky investment firms and an unidentified man previously convicted of securities fraud (who is now helping the FBI) helped bring down the operation.
The homepage for VWC LLC, one of three companies reportedly part of a large whisky investment scheme.
Screenshot via Vintage Whisky
As the whisky site Master of Malt notes, ads for sketchy whisky investment firms are increasingly…
