UK Insolvency Service warns victims of wine investments against clawback scammers

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UK Insolvency Service warns victims of wine investments against clawback scammersCredit: lightpoet/Shutterstock.com

The UK Insolvency Service has warned investors who have lost money on a wine investment scheme that scammers are making false claims that they can recover their lost funds, as reported on Thursday September 29.

The UK Insolvency Service warned victims of wine investments against clawback scammers in a statement which read:

“The Insolvency Service has been told that victims of a wine investment scheme set up by Global Wine Exchange have been targeted by recovery room scammers with false promises that they can return their funds lost.”

“Global Wine Exchange went into receivership in March 2022 after courts determined the rogue company misused £1.9m of investor funds. Misconduct caused by Global Wine Exchange included targeting the elderly and vulnerable, failure to deliver wine to customers, and false claims that wine was being stored.

“It has since been discovered that investors who lost money through the Global Wine Exchange were targeted by recovery room scammers posing as officials from a professional trade standards body.”

Scammers dishonestly claim that if investors do not engage with them and share personal details of their claim in liquidation, which only the official receiver as liquidator can receive, their funds will not be returned.

Lead Examiner Mark Ireson said:

“The recovery room scammers pose as a legitimate corporate entity and claim that they are acting on their behalf to help you recover lost fees. In the Global Wine Exchange case, the scammers send emails to from what looks like official trading standards accounts.

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

“The Official Receiver will never ask you to pay an upfront fee to recover your investment and as liquidator, the Official Receiver is the only person who can distribute the available funds.”

The news follows reports that the UK Foreign Secretary is visiting Korea to focus on boosting trade, enhancing security and strengthening ties of friendship between the UK and Korea, as reported on Wednesday, September 28.


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