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offer for sale of securities” which threatened to do the public “irreparable harm” – statements they have now totally withdrawn.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

EMVCo Requests Feedback on Framework for Secure, Interoperable and Scalable Card-Based Agentic Payments1.9.2026 11:00:00 CEST | Press release

EMVCo – the technical body that creates and manages EMV® Specifications and programmes – has released a draft framework to help promote secure, interoperable and scalable card-based agentic payments. The framework provides a foundation for further industry engagement and potential specification development, with all interested stakeholders encouraged to provide their feedback on EMV® Agentic Payments – Framework for Specificationsby Wednesday 30 September. A key focus across the agentic commerce ecosystem is how to establish intent and determine that a consumer delegated authority to an AI agent to make a purchase on their behalf. Following industry input, EMVCo has focused on card-based agentic payment scenarios where intent needs to be managed over time, such as recurring purchases, cumulative budgets and post-transaction activities. These scenarios may require access to a shared intent ‘state’ that persists across multiple participants and their interactions. EMVCo has identified an

ChargePoint Accelerates European Growth Strategy with Appointment of John Saffrett as EVP and Managing Director, Europe1.9.2026 11:00:00 CEST | Press release

Saffrett brings more than 25 years of leadership experience in global mobility, fleet management, and digital transformationAppointment signals ChargePoint's commitment to accelerating European growth as the company targets increasing its European market and revenue share ChargePoint (NYSE: CHPT), a global leader in intelligent electrification and e-mobility, today announced the appointment of John Saffrett as Executive Vice President and Managing Director, Europe. In this role, Saffrett will be responsible for driving ChargePoint's growth strategy across European markets, overseeing sales, customer relationships, partnerships, and market expansion across the continent. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260901888806/en/ ChargePoint's EVP and Managing Director John Saffrett He has served as a member of the company’s Advisory Council since March 2026 and is a seasoned global mobility executive with more than 25 ye

Club Vita Launches German VitaCurves Model as Pension Risk Transfer Market Gathers Momentum1.9.2026 10:00:00 CEST | Press release

Address-based longevity model expands Club Vita's global suite of analytics to cover the UK, US, Canada, Netherlands and Germany Club Vita, an international leader in longevity data analytics, has launched a German calibration of its popular address-based longevity model, VitaCurves, further expanding its international footprint and supporting the growing pension risk transfer (PRT) market in Germany. The launch marks another milestone in Club Vita's international expansion and extends its suite of address-based mortality models, which already provides mortality insights in the UK, United States, Canada and the Netherlands. The German VitaCurvesDEU model is already being used by a leading insurer, helping to provide a more granular understanding of longevity risk across pension and insurance portfolios. VitaCurves uses granular location-based and socio-economic data to identify differences in mortality patterns between sub-populations, enabling insurers, pension funds and other stakeho

JEOL: Launch of the New Benchtop Scanning Electron Microscope “JCM-7000Plus NeoScope™”1.9.2026 09:30:00 CEST | Press release

JEOL Ltd. (President & CEO: Izumi Oi) has developed the benchtop scanning electron microscope (SEM) “JCM-7000Plus” and will begin sales on September 1, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260825564112/en/ JCM-7000Plus NeoScope™ [Development Background] Benchtop scanning electron microscopes are increasingly used in fields including electrical and electronics, automotive and machinery, steel and metals, chemical and pharmaceuticals. They are utilized not only in research and development but also in manufacturing-related applications, such as quality control and product inspection. In addition, they are adopted in educational settings at middle and high schools as well as universities. Given these diverse applications, there is growing demand for improved operational efficiency, simpler and more automated operation, and enhanced observation, analysis, and measurement performance. To meet these needs, we have e

PPMI and Alipay+ Expand QR Ph for Cross-Border Commerce, Connecting Filipino Businesses with Global Consumers1.9.2026 09:25:00 CEST | Press release

Partnership significantly expands cross-border connectivity, supporting Philippines’ digitalisation ambitions and opening new opportunities for 2.5M local merchants and SMEsAlipay+ connects with 10+ national payment schemes across Asia, Middle East and Latin America The Philippine Payments Management, Inc. (PPMI) and Ant International's unified wallet gateway, Alipay+, have officially enabled Alipay+ on QR Ph, seamlessly connecting the nation's digital payments ecosystem with global commerce. This milestone is in alignment with and supports the Bangko Sentral ng Pilipinas' (BSP) digital payments transformation goals. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260901759507/en/ (L-R) Danny Chung, General Manager of Alipay+ Global Growth Center, Ant International; Carmelita “Melit” Araneta, General Manager of Philippine Payments Management Inc.; Atty. Bridget Rose M. Mesina-Romero, Director, Payments Policy and Development

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