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Suit dismissed: WHISKEY & WEALTH CLUB wins shocking decision in makeover…

Whiskey and Wealth Club

Dublin and London, April 10 /PRNewswire/

The Texas Securities and Exchange Commission has charged a wholesaler of premium scotch and Irish whiskey with fraud – statements that have since been completely withdrawn.

A US securities regulator suffered a pre-trial defeat at the Whiskey & Wealth Club in London and Dublin after the Texas securities regulator rejected an injunction against a barrel wholesaler.

The historic disqualification and retraction of the allegations made by the Texas Securities Commission in an emergency order and November 2, 2021 media release has now been withdrawn in full.

The Securities and Exchange Commission alleged that the Whiskey & Wealth Club violated US securities laws and that the investments specifically related to the whiskey platforms were securities.

The ruling now confirms that under US law, Whiskey & Wealth does not make securities investments or deal in securities, which means it is the purchase of a collectible item such as an art, watch or car.

Final decision dismisses all allegations that Whiskey & Wealth Club made an offer of securities in violation of US securities laws. Such a separation is extremely rare and occurs only when it is clearly justified. The fact that Whiskey & Wealth Club obtained the release confirms what it has been claiming all along: the allegations were clearly false.

Before providing any evidence, the commission accused the company of committing “offer for sale fraud” that threatened to cause “irreparable harm” to the public – statements it has since retracted entirely.

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An agreement to reject these allegations was signed on July 7, 2022, as Texas authorities found that Whiskey & Wealth Club had not committed any unlawful acts in connection with the offering or sale of securities and had made no statements to deceive the public.

The Chamber also dismissed the allegations and warrants against individual Whiskey & Wealth employees: Scott Skippers, William Fielding, Alex Mock, Richard Falconer and Benjamin Dunlop.

Commenting on the dismissal, Whiskey & Wealth co-founder Jay Bradley said the decision now paves the way for a heavily regulated business model in the United States, where Irish whiskey sales – The world’s fastest growing premium spirits Expectations to surpass Scotch whiskey by 2030.

“This is a very important victory for the Whiskey & Wealth Club in a case that has been pending against our company for eight months, costing us significant legal fees, consuming resources and tainting our business, and it is now opening the way for our wholesale business in barrels in the United States and around the world.”

“The Securities and Exchange Commission has since corrected its mistake and acknowledged our full cooperation in the investigation. The closest thing to an apology is to dismiss and dismiss the lawsuit,” he said.

The new order states that Whiskey & Wealth Club cooperates with the enforcement department and has provided the enforcement department with records and relevant information about its dealings.

It added: “The defendants (Whiskey & Wealth Club) provided certain defenses, including that they did not offer or sell any securities, that they did not act as a dealer and that they did not intentionally violate the Securities Act. Consistent with these objections, the respondent provided sufficient information To conclude that the cancellation of the emergency order is justified.

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In his speech after the landmark chapter, Scott Skippers, co-founder and CEO of Whiskey & Wealth Club, said that the conflict in the United States between judiciary and process has been heavily influenced by the media and that policies and actions implemented by the government agency can have significant financial and reputational implications for all businesses. .

“We believe the US practice of issuing a harmful press release on the same day as a court order without seeing or hearing any evidence, even going so far as to accuse a company of fraud – and then all these allegations eight months later could be devastating to most companies. Their legal strategies and propaganda are unknown in Ireland, the United Kingdom or the Commonwealth of Nations.

“Fortunately, we were able to weather this storm thanks to our incredibly loyal client base and new clients who were able to bypass the claims and allegations made by the Texas State Securities Board.

Mr. Sciberras added: “We have worked closely with the Securities and Exchange Commission to educate them on buying and selling whiskey in wholesale kegs and how our business model works and will continue to work with them in the future.”

Whiskey investment(e)y has skyrocketed in popularity in recent years, due in part to the popularity of the original Master Irish Whiskey, with sales up 140% in the past decade. Whiskers(e)y kegs are considered “waste of assets” and are not subject to capital gains tax (CGT).

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Media contact:

Zoe Jones
Public Relations Manager – 44 (0) 20 3129 1639 – [email protected]