WHISKEY-&-WEALTH-CLUB
11.7.2022 08:02:09 CEST | Business Wire | Press release
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offer for sale of securities” which threatened to do the public “irreparable harm” – statements they have now totally withdrawn.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/
View source version on businesswire.com: https://www.businesswire.com/news/home/20220708005203/en/
Link:
About Business Wire
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
Incyte Announces New Positive 54-Week Late-Breaking Data for Povorcitinib in Hidradenitis Suppurativa at the 2026 American Academy of Dermatology (AAD) Annual Meeting28.3.2026 20:00:00 CET | Press release
Phase 3 data from the STOP-HS program demonstrate povorcitinib’s substantial and durable clinical efficacy through Week 54 in patients with moderate to severe hidradenitis suppurativa (HS). Through Week 54, clinically meaningful and durable responses were observed across all groups in both STOP-HS1 and STOP-HS2, with up to 71.4% of patients achieving HiSCR50. Improvements in clinical responses across high stringent thresholds were observed, with up to 57% of participants achieving HiSCR75 and up to 29% of participants achieving HiSCR100. Povorcitinib treatment led to consistent reductions across key inflammatory lesion types, with full resolution (ANdT=0) achieved in up to 20% of patients. Additionally, clinically meaningful improvements in quality-of-life measures, including skin pain and fatigue, were observed at Week 54. The overall safety profile of povorcitinib through 54 weeks is consistent with previously reported data, and both doses were well tolerated. Incyte (Nasdaq:INCY) to
Takeda’s Zasocitinib Delivered Rapid and Durable Skin Clearance in a Convenient Once-Daily Pill, Affirming Promise to Reshape Psoriasis Care28.3.2026 20:00:00 CET | Press release
About 70% of patients treated with zasocitinib achieved clear or almost clear skin (sPGA 0/1) at week 16 in Phase 3 plaque psoriasis studies A significantly greater PASI 75 response rate versus placebo was observed as early as week 4 Safety profile consistent with Phase 2b studies with no new safety signals identified Takeda(TSE:4502/NYSE:TAK)today announced new data from the two pivotal Phase 3studies of zasocitinib (TAK-279), a next-generation, highly selective oral tyrosine kinase 2 (TYK2) inhibitor, in adults with moderate-to-severe plaque psoriasis (PsO).1 Presented as a late-breaking abstract at the 2026 American Academy of Dermatology (AAD) Annual Meeting, these data show that convenient once-daily oral zasocitinib demonstrated rapid and durable skin clearance with a safety profile consistent with Phase 2b studies.1,2 “Our goal in psoriasis treatment is clear or almost clear skin, and previously this has been achieved primarily with injectable therapies,” said Melinda Gooderham,
AAD 2026: Late-Breaking Nemolizumab Data Demonstrate Clinically Meaningful Benefits for Children Aged 2 to 11 With Moderate-to-Severe Atopic Dermatitis28.3.2026 16:00:00 CET | Press release
Pharmacokinetics, safety and efficacy clinical study data show that nemolizumab achieved clinically meaningful reductions in skin lesions and itch through Week 16, which were sustained up to a year in children aged 2 to 11 with moderate-to-severe atopic dermatitis1 These findings reinforce the previously established safety and efficacy of nemolizumab in adults and adolescents with moderate-to-severe atopic dermatitis, for which it is approved by multiple global regulatory authorities2,3 Up to 25% of children are affected by atopic dermatitis, and currently there are limited approved treatment options for children living with moderate-to-severe atopic dermatitis4,5 Galderma (SIX: GALD) today announced new phase II data showing that nemolizumab was well tolerated and effective in children (aged 2 to 11 years) with moderate-to-severe atopic dermatitis, with a clinically meaningful and sustained reduction in skin lesions and itch for up to a year.1 Results will be presented in a late-break
Angelalign Technology (6699.HK)Releases 2025 Results: Passion for Clinical Excellence Drives Worldwide Growth27.3.2026 20:56:00 CET | Press release
Angelalign Technology Inc. (6699.HK) (“Angel” or the “Company”) released its financial results for fiscal year 2025. During the reporting period, the Company continued to do well in both the global and China markets. Total case volume was 532,400, which increased 48.1%, revenue was USD 370.3 million, which increased 37.8%, and adjusted net profit was USD 43.8 million, which increased 63.0%. The results were driven by Angel’s passion for clinical excellence and its open and inclusive culture that empowers talented people to work together to meet customer needs, the Company said. Fox Hu, CEO of Angel, stated: “The clear aligner industry is complex and multidisciplinary. It requires top-tier technical and operational talent along with seamless collaboration among professionals from diverse geographies. Angel’s open and inclusive culture attracts professionals who share a passion for clinical excellence and a dedication to bringing outstanding products and services to customers. This melti
Axway Positioned as a Leader in the IDC MarketScape: Worldwide API Management 2026 Vendor Assessment27.3.2026 18:46:00 CET | Press release
Axway, a 74Software company (Euronext: 74SW) and global leader in federated API management and enterprise integration, has been named a Leader in the IDC MarketScape: Worldwide API Management 2026 Vendor Assessment.1 Axway Amplify securely connects, orchestrates, and automates data integration. Organizations in financial services, manufacturing, healthcare, and other industries rely on Amplify to modernize integrations and confidently unlock data to deliver superior digital services faster. The report notes: “The platform benefits from Axway’s long-standing experience in B2B integration, secure file transfer, and legacy connectivity, providing differentiated capabilities for organizations that need to expose and control APIs around core systems that are not cloud-native.”1 This multi-pattern expertise in security, integration, and federated governance — built during the early phases of the API-driven digital transformation — becomes especially critical as enterprises seek to govern dat
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