I have a client who invested in these operations. The pitch was these companies would buy up the output of various wineries around the world. They supposedly had contracts to supply cruise ships with wine. Each investment was recorded with a fancy certificate and as each shipment was delivered the pitch was made to “roll over” the profits into another shipment. Long story short the house of cards collapses and client is out his investment. I see it as a non-business bad debt. He of course wants an ordinary loss. He has been in contact with other investors who claim they have taken an ordinary loss but have provided no details. The company is in receivership and all assets located so far have been disposed of generating less cash than it took to action the assets off.
Client has invested over $100k over a period of 7 years in these operations and another one called Heroes Global. Has anyone heard of any of these or have any insight?
Client has invested over $100k over a period of 7 years in these operations and another one called Heroes Global. Has anyone heard of any of these or have any insight?
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