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It is not difficult to question the integrity of the company simply by googling "Australian Wine Index Scam" amidst a growing list of high profile fraud cases happening in Singapore such as Assets Wine Management(AWM), Universal Asset Group (UAG), which has left thousands of investors stranded. Australian Wine Index executed a very clever investment scam usually comprising of three stages. Stage one involves targetting the greed. This is done through enticing unwitting buyer into committing large sum of money into buying wines, promising exaggerated yield and guaranteed returns in 3 years time. Unknown to buyers, these wine were sold at way above market price. The company will then prey on the investor's impatience to wait 3 years for maturity by scamming them the second time. This involves tricking the buyer into buying more wines usually with claims that these wines takes less than a year to sell as compared to the earlier ones. The tactic has successfully created thousands of small investors holding on to tiny portfolios of 1 or 2 wines with no way of exit which is naturally so, given that the wines were bought way above market. Final phase of the "Triple Whammy" involves fear. The fear of losing an opportunity to exit. The shanghai auction completes the hat-trick in scamming investors a third time into parting with their money for fear of not be given a chance to enter for the auction.
The complaint has been investigated and resolved to the customer’s satisfaction.
Hi aggrieved investors, we have finally transferred over our own wines from CWT (under AWI) to Menlo which is now under our own control. That completes our stage one of our plan. We are now preparing our stage two, exit strategy. We have our resources and are consolidating and started communicating with potential and genuine buyers on our list of wines. One point to note, the more desperate an investor becomes, the importer cum broker will be riding on the opportunities to gain and make their bucks out from you. Will give further update soonest. Should anyone like to discuss more, appreciate your email to alpchip@yahoo.com.sg cheers
Anyone has any updates on this? I going over to their office today. Going to sell off my portfolio regardless of the loss.
Thanks guys for the advice, guess I'll wait for next update. @Ewek, unfortunately I did not received the mailing list andd pls update regarding the legal advice if possible. You can email to me directly formula1_72@yahoo.com.sg.
AWI recently had sent out to request payment for the warehouse storage fees which I had already paid them recently.
This shows their poor management of the clients' database records.
@Alvin hope to hear from you soon. Thank you.
Anyone remembered receiving an email from AWI on 10 Dec 2010 which captured a whole list of customer's addresses in their distribution list? The content of the email was to communicate on their press release article. There was a major IT malfunction which resulted in a spam email delivery. Subsequently, customers from Singapore and Hongkong were complaining on that platform.
Let me know if you have that email. Please save it and pdf it as evidence. I am discussing with another victim of AWI on how to seek legal advice.
@Alvin_the_Chipmunk - Why are you moving the stock from CWT to Menlo? Any benefits?
I agree that we bought the stock 4 years and now we dont see a sign of exit. Got a call from similar line to pay ~20% service fee and they will add some stock of wines into portfolioi as part of that. They will guarantee on paper to sell it in 2 years. But SADLY - now, I have no more trust in them so thinking of way to exit. Any suggestion?
Hi Guys, I received a call from AWI staff for exit strategy. Same scheme, put in $3000 or 10% of your wine value for 3 years membership. First come first to serve, to sell your wine, with agreement will be signed for both party. I requested to send me the agreement for review but so far did not receive it. Anyway to move out my wines from AWI?
Hi aggrieved brothers, what ever schemes they are goimg to propose, as long as more money going to be forked out, it is absolutely ridiculous. This is a bad business proposal. In the first instance, AWI has promised many things in the past and yet have never fulfilled. In order to win back the trust, they have go to work even harder to prove to all of the investors . What we are doing is only the first stage of our strategy. Oops! I strictly believe there are moles that are watching all our views and actions from AWI. Better be more discreet. Will update soonest on our next. Do what is necessary to protect yourself further. As long as we do not give any written consent for any schemes, we will be safe.
Hi aggrieved members again, frankly, whatever schemes they may come forth is a waste of time. As a business minded person, they are our brokers in the past with promises and now it seems that we as investors are on our knees for their 'help' in order for us to pay for our exit strategies which they have planned now. This is absolutely ridiculous. They have no rights whatsoever to sell our wines without our prior written consent as we are the owners of our wines. Best is to take full control of your own wine. There are many other brokers in the market that can assist in exit strategies. I also believe they are among us watching our views and actions in order to take any corrective actions. Suggest do what you feel you can to protect yourself. What we are doing now is only the first stage of our plan. Keeping you guys updated soonest. Cheers.
Hi Guys, I had invested with AWS for a consignment of about $8K in 2008. It is about 5 over years now. I had rejected all advances from AWI including increasing my portfolio, Shanghai auction and the new trading platform.
Is there any solution to liquidate my consignment? I will be willing to do it even at a loss. I see no light at the end of the tunnel with AWI...
Formula1_72, if I was in your position I would move my wines to another organisation who can help you sell them off.
Hi Rafphi
Thanks for the update. I was there in the morning and met up with Nash about my portfolio. Though it was not big, AWI offered to sell off my wines locally as mine are not premium type that will gain interest in the Nov auction. AWI offered their service at a charge of between $3-5K to sell off within 6 months period which does not make sense to me as my investment only $6K. They also agreed in writing that in event of unable to sell all my wine within 6 months they will buy it all at a reserved price (average price I guess). Any advise that I should go ahead with that since there will be an agreement written and sign by both parties. Will the agreement be used as a legal binding against them should they backed out later? If I have to moved out my wines to another storage house, what can I do about it? Drink it myself which I find it a waste.
I moved my wine today. The primary reason for doing this was that a number of things that I was told in relation to the November Auction proved to be inaccurate.
The most disturbing one was that I was told Grant Burge was partnering AWI in the November Auction and that Grant Burge was effectively donating wine to cover the 10% I was being asked to pay up front and that I would receive the proceeds of the sale of this donated wine. I called Grant Burge to verify this and was told they knew nothing about it and nor was it something they would do.
To move my wine I had to pay $117.70 in fees plus all outstanding storage charges. If you are interested in knowing where my wines have been moved to you can send me a personal message to raffphi@gmail.com.
Good luck.
Hi Alvin
What will be the cost of moving our wines back to Menlo? I've got 2 crates and what can it be done for the wines after moving to
Menlo? Anyway that we can sell it ourselves to local wine distributor at a lower cost?
Dear Aggrieved brothers, as mentioned, we have already submitted our withdrawal forms for our wines to be transferred back to Menlo for storage. it is currently in the process right now, as there are still outstanding storage charges overdued that AWI will have to settle with every individual prior to releasing the wines. Only with cool mind will be able to make wise choice. will keep you guys updated on the next. Cheers!
AWI every year will cook up different stories, each time they will promise it to be your last investment, but after you put in more money and few months later they will still ask you to invest more in order to joint certain auction scheme in HK or China or private art auction, I had tried for last two years still a single wine sold by them. Lately they asking for S$6000 for 3 years membership fee to promise to sell wine in 3 years.
Yes, a guy name Guillianno Mata has took over the company. They are proposing a priority scheme where you need to put in $3000 or 10% of your wine value, which ever is higher. Is a 3 years membership where they will give you priority to sell your wine. They don't have a legal binding contract, just some proposal document, not much details on the auction schedule too. So will you want to get yourself into such a "###" again?
Furthermore, they moved our wine without getting our consent, so what do you think of the new management? All the best limper, see if they will continue to pay you the cheque every month before you even breakeven on the money you sunk in for this scheme.
Hi fellow aggrieved bros out there, i shared all of your concerns and disappointments as i am also like you, my investment amount is not small. i have experienced all the deception and schemes of AWI for the past 2 years. Thank God I did not fall into any of that as being a business minded individual, those are not 'promising deals'. I would suggest to all of our aggrieved bros to take control of your wines before its too late, I will be pressing strongly to transfer the storage over to Menlo. Anyone who is interested, we can pull together our resources, pls kindly buzz me. My nick is Chipmunk. God bless.
Good evening all AWI investor. I have just received a call from a staff of a AWI. Giving me a proposal to request for $5xxx to enable them to sell my wine portfolio within one year through auctions and online wine trading. Has anyone of you manage to cash out your investment through this proposal? Please email me henryfoo.kf@gmail.com
AWI85, you may want to provide relevant details of what you said, i've atleast collected my first chq after so many years of investing with AWI from those old crooks. it may not be a big amount but it's still something to began with
Hi Guys,
Same experience here:
1. Promises of sale after 3 years (Not met)
2. Promises of sale of wine at auction after topping up purchase (Not met)
3. Coercion to buy more wines to enter auction (Ignored)
4. Unsolicited calls to pay to enter trading platform (Ignored)
Now, they want me to top up purchase to enter another auction (3rd time of trying) which I am not going to agree to if not, they will just let the wine stay there and rot...
Hello everyone. AWI had just changed management and had just moved to 1st Raffles Quay but the scam continued. FYI, AWI will be transferring the wines from Menlo to CWT. Frankly, I doubt they can sell your wines. Empty promises. Maybe your guys can check with Menlo and stored your wines with them and drink it yourself or find other ways to liquidate. If not you will be paying storage fee above market. Think about it.
I have just been contacted by AWI to purchase additional wine as bait so that they can "seal" my portfolio to give it a better chance of selling. They are saying that they are selling wine all the time but the auction is in November. They want me to purchase the bait now & it will go into the Nov auction. The cost price is at 50% discount to the current market value. Anyone else have this experience, I smell a rat.
received calls form AWI regarding subscription fee for opening of online trading.
Any person out there have success in the selling on line?
Hi awi86,
I received the call yesterday, he told me the same thing . Basically he force me to buy and when i told him i don't have enough cash, he said my current wine will take 5 or 6 years to sell . I told him it's alright, basically it's your call if you want to trust them.
Hi, a guy called George from IAA called me today and asked that I buy a "sure sell" wine. And it will be bundle with my other wines to "force" the buyers to take all since they surely want the "sure sell" wine. He said can cash out in March and May, and of coz May will be better. Any one had that call recently?
I received the e-mail regarding the fee of SGD388, such a rip off. No way i'm going to pay them. Yesterday a broker called me and wanted me to buy more wines to my current portfolio. When i told him that i don't have money, he said it will take 5 or 6 years to sell my current wine if i don't buy more. People...all we do here is only complaint but no 1 wish to do anything about it. Can CASE really help us out ?
Has anyone recently received an email from AWI asking you to pay a subscription fee of SGD $388 to use their new online trading platform? I have never been charged such a ridiculous amount by any other company to use a trading website. Since they are already charging brokerage and trading fees, there isn't any reason clients should have to pay this. There is no guarantee one will be able to sell any wines even if you put them on this trading platform, is there?
The two 'good experiences' definitely from scamming brokers all Ang mo's, can raise their voice and show temper..when we want to sell.. Anyone going to CASE I am in too.. Will wait and see then go to the press, New paper will be good!
Scam scam, don't believe them wevtoo were threathened
Purchased and promising sales talk at first. End up a lot of excuses and nothing is done. They are really scam,
Hi Awiscam, please think twice. I was also lure into buying a 2nd batch, as was told to increase my portfolio, and better chance to auction off. However, months have passed and no news or follow-up from AWI.
To my horror, recently, I found out that wine has maturity date, whereby price will drop drastically thereafter. The 2nd batch that I bought is maturity within 6 months of my purchase.
And also, they are marking up the price way too high.
Awiscam, pls write to me . I'll tell you more.
Is there any followup on this...Ive been approached by AWI to BUY more wine to b eligible to sell my wines on the shanghai auction...
If any one here wish to go to CASE, please count me in. You can write to me at dreamersquest@gmail.com.
My experience has been quite frustrating too and a big investment flop.
Hi Jack, thanks for your post and for sharing your experiences with AWI. I'm facing the same pressure from AWI with the claim that they had paid our storage and insurance fees upfront and are now looking to recovering these. As I recall they had actually agreed to provide an additional 3 years of free storage after being unable to sell our wines but I guess they have conveniently forgotten about this. I was wondering if you can share how you are managing this and if there are any breakthroughs. I'm considering going to CASE and to the press as I think that their scam has gone on for long enough. I don't think that as customers this is how we should be treated by a company that has taken us for a ride for so long.
I would completely agree with the article. We are now being scammed for "extra" storage fees due to the companies inability to sell and return any money on the original investment. Of course we can "contra" any monies owed against our wine...! I wonder how quickly the wine would suddenly sell if that was the case. I have asked many times for proof of any returns by anyone and have to be shown 1. In fact I was abused and threatened...shameful that the word Australian is in the title...this is not how we roll!
These 2 comments above are probably the work of their own staff. Show some physical proof of your returns. I have invested with AWI since 2004 & I have yet to see any profits.
I feel glad to deal with Australian Wine Index. Thank you for your friendly and professional service. I have felt confident in my introduction to investing in fine wine and am more than pleased with the returns that I have realized so far. I am therefore more than happy to recommend you to potential investors. I look forward to continued investments through your company in future years. Thanks AWI!