Business Wire

WHISKEY-&-WEALTH-CLUB

11.7.2022 08:02:09 CEST | Business Wire | Press release

Share
Whiskey & Wealth Club Wins Landmark Dismissal and Retraction of False Allegations by Texas State Securities Board

In a rare securities law u-turn in the United States, the Texas State Securities Board has dismissed its own case against the Whiskey & Wealth Club.

The Securities Commissioner delivered a landmark decision on July 7th 2022, withdrawing all of its seven unfounded accusations against one of the world’s leading cask whisk(e)y wholesalers.

Whiskey & Wealth offers private and institutional investors the opportunity to buy premium Single Malt and Single Pot Still New-Make Spirit, at wholesale prices from leading distilleries in Ireland and Scotland.

The closely-watched legal dispute comes after the Texas Securities Commissioner Travis J. Iles delivered a media release, along with a cease and desist order on November 2nd 2021, accusing Whiskey & Wealth of engaging in fraud by selling unregistered securities in the USA.

The ruling now confirms that Whiskey & Wealth does not engage in securities investment or trading under US law, meaning that it is like buying collectibles such as art, a watch or a car.

The final resolution rightfully abandons – in their entirety – all of the allegations that the Whiskey & Wealth Club was operating a securities offering in violation of U.S. securities laws. Such dismissals are exceedingly rare and only afforded where clearly warranted. The fact Whiskey & Wealth Club obtained the dismissal is a testament to what it has said all along: the allegations were clearly flawed.

Before any evidence was presented, the Securities Board had bizarrely claimed that Whiskey & Wealth Club was “engaging in fraud in connection with the offer for sale of securities” which threatened to do the public “irreparable harm” – statements they have now totally withdrawn.

Commenting on the dismissal, Whiskey & Wealth co-founder Mr. Jay Bradley said the decision now paves the way for a highly regulated business model to flourish in the United States, where sales of Irish whiskey - the fastest growing premium spirit in the world - are forecast to overtake Scotch by 2030.

“This is a hugely important victory for Whiskey & Wealth Club in a case that has been hanging over our business for 8 months and which cost a significant amount of money in legal fees, drained resources, defamed our company, yet now paves the way for our cask wholesale business to prosper in the United States and around the world,” Mr. Bradley said.

“The Securities Board shot from the hip and asked questions later in what was an ill-advised solo run. The Board has now rectified its mistake and recognised our substantial co-operation with the investigation. The retraction and dismissal of the case is the closest thing to an apology that we are going to get,” he said.

The decision provides a fascinating snapshot of the legal and business framework of cask whiskey investment; covering such aspects as distillery storage, insurance, ownership, and the inner workings of HMRC’s WOWGR regulations - the Warehousekeepers and Owners of Warehoused Goods Regulations.

Both sides are now set to work more closely in relation to one of the world’s best performing asset classes, as prices and demand for Irish whiskey, scotch, bourbon, Japanese, and Australian whisky continue to grow at a double-digit rate.

The legal order states that Whiskey & Wealth Club co-operated fully with the Enforcement Division of the Texas State Securities Board, and provided relevant records and information about its business as requested.

It added: “Respondents, (Whiskey & Wealth Club), set forth certain defences, including that they have not offered or sold securities, they have not acted as dealers, and they have not engaged in wilful violations of the Securities Act. In line with these defences, Respondent has submitted information sufficient to conclude that a dismissal of the Emergency Order is warranted.”

Speaking after the landmark decision, Whiskey & Wealth Club CEO and co-founder Mr. Scott Sciberras said that the emergency cease and desist order, along with apparent trial by media, could have wide-ranging financial and reputational ramifications for any business.

“We believe the U.S. practice of issuing a damaging press release on the same day as a legal order, without seeing or hearing any evidence, even going as far as to accuse a company of fraud - and then retracting all of those allegations 8 months later, could have a disastrous impact on most businesses. This kind of legal and public relations strategy - where a State agency shoots first and asks questions later - is unheard of in Ireland, the UK, or commonwealth countries.

“Fortunately for us, we were able to weather this storm thanks to our incredibly loyal client base and new customers, who were able to see beyond the statements and allegations made by the Texas State Securities Board.”

Mr. Sciberras added: “We have worked closely with the Texas State Securities Board to educate them on the process of wholesale cask whiskey buying and selling, and on how our business model works, and we will continue to work with them in the future.”

The popularity of whisk(e)y investment has soared in recent years, partly fuelled by the popularity of the original master Irish whiskey, which has seen a 140% rise in sales during the past decade. Whisk(e)y casks are seen as ‘wasting assets’ and are not subject to Capital Gains Tax, (CGT).

For further information, please visit: https://whiskeywealthclub.com/whiskey-wealth-club-fraud-case-dismissed-landmark-decision-in-united-states/

Link:

ClickThru

About Business Wire

Business Wire
Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco

http://businesswire.com

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Visa Opens the Door to AI-Driven Shopping for Businesses Worldwide8.4.2026 18:00:00 CEST | Press release

Part of the Visa Intelligent Commerce portfolio, Intelligent Commerce Connect will enable more ways for agents to pay and merchants to accept agentic transactions in a single integrationCurrently in pilot with select partners including Aldar, AWS, Diddo, Highnote, Mesh, Payabli, Sumvin, and rolling out to more partners this year Visa Inc. (NYSE: V) today unveiled Intelligent Commerce Connect, a new solution that makes it easier for businesses to connect to and participate in AI-powered commerce. Intelligent Commerce Connect acts as a network, protocol, and token vault-agnostic ‘on ramp’ to agentic commerce for agent builders, merchants, and enablers. As consumers increasingly rely on AI agents to make purchases, businesses – whether they are building agents, selling to them, or processing transactions – need a simple way to get started. Intelligent Commerce Connect, part of the Visa Intelligent Commerce portfolio, meets that need. Through a single integration via the Visa Acceptance Pl

Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield Complete the Acquisition of Air Lease Corporation8.4.2026 15:13:00 CEST | Press release

Sumitomo Corporation, SMBC Aviation Capital, Apollo-managed funds (“Apollo”) and Brookfield today announced that they have completed the previously announced acquisition of Air Lease Corporation (“Air Lease”) and have renamed the business Sumisho Air Lease Corporation (“Sumisho Air Lease”). This transformational transaction improves the financial position of the business with long term support and aviation expertise from co-investors Sumitomo Corporation, SMBC Aviation Capital, Apollo and Brookfield. Sumisho Air Lease’s strong foundation as an established aircraft lessor, supported by SMBC Aviation Capital’s industry‑leading capabilities as servicer, creates a platform with the scale and financial strength needed to meet the fast‑changing and increasingly complex requirements of airline customers. Sumisho Air Lease will also benefit from the deep expertise and long-standing commitment that both Sumitomo Corporation and SMBC Aviation Capital bring to the global aviation leasing sector.

Sitetracker Launches Scout, an Agentic AI Platform Purpose-Built for Critical Infrastructure8.4.2026 15:00:00 CEST | Press release

Sitetracker, the leading Asset Lifecycle Management platform for critical infrastructure, today announced the launch of Scout, its new Agentic AI platform designed to help infrastructure owners, operators, and contractors gain deep insights and drive automation within their operations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260408923336/en/ Scout, ready for real work As your AI analyst and agent, Scout is ready to work on day 1. Scout provides clarity when decisions are forming and momentum when action is required. It surfaces risk, synthesizes information, and helps accelerate execution by connecting data and driving action. Scout creates operational intelligence and turns it into action all in a secure environment that protects data sovereignty. “Our customers are looking to create compounding competitive advantages,” said Giuseppe Incitti, Chief Executive Officer of Sitetracker. “Scout delivers by providing easy t

Westinghouse Hosts Annual VVER Fuel Forum with Customers8.4.2026 15:00:00 CEST | Press release

Westinghouse currently has fuel supply contracts with all the European VVER operators Westinghouse and MVM Paks Nuclear Power Plant (NPP) recently co-hosted the VVER Fuel Forum in Budapest to share insights and plans for the continued deployment of VVER-1000 and VVER-440 fuel in operating reactors. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260408646373/en/ Participants to the VVER Fuel Forum Péter János Horváth, CEO of MVM Paks, welcomed all the participants, highlighting that Hungary is ending two decades of single supplier fuel dependency thanks to the agreement recently signed with Westinghouse to supply the VVER-440 NOVA E-6 fuel design. Six customers presented the progress made and positive outcomes achieved in the past years with the introduction of Westinghouse fuel into mixed cores with resident fuel in their reactors: Energoatom has extensive experience with Westinghouse VVER-440 and VVER-1000 fuel, currently u

Virica Biotech and FUJIFILM Biosciences Collaborate Under the Canada–Japan Co‑Innovation Program to Advance AAV Production Enhancers8.4.2026 15:00:00 CEST | Press release

Efficient production of Adeno-Associated Virus (AAV) vectors at scale for in vivo gene therapies remains a key bottleneck for broad patient access and sustainable manufacturing costs.Virica and FUJIFILM Biosciences will co-develop an off-the-shelf enhancer–media solution to boost AAV yields and process robustness in FUJIFILM Biosciences BalanCD® HEK293 system. Virica Biotech (“Virica”), a cell enhancer company specializing in Viral Sensitizers (VSE™) for viral vector manufacturing, today announced it is receiving advisory services and funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), under the Canada–Japan Corporate Co-Innovation Program for a collaboration with FUJIFILM Biosciences. The collaboration will focus on optimizing a VSE™ formulation for FUJIFILM Biosciences BalanCD HEK293 media to support academic and commercial AAV producers globally. AAV vectors are a cornerstone of in vivo gene delivery for gene therapies, but they re

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye