A well-known wine dealer was sentenced Thursday to 10 years in prison after he was convicted of defrauding wealthy clients out of millions of dollars by selling them bottles of purportedly rare and sought-after wines that were actually old bottles of wine mixed together, complete with fake labels.
The dealer, Rudy Kurniawan, had become a renowned figure on the rare wine scene, spending and making millions of dollars on wine sales every year. In 2006, he sold $35 million worth of wine.
Talk about liquid assets.
Goldman Sachs Group Inc. accepted almost 15,000 bottles of fine wine as loan collateral from a former high-ranking executive, according to a regulatory filing last month. Andrew Cader, a former senior director at Goldman Sachs’s specialist-trading unit, pledged a secured interest in the wines, which are primarily from the Burgundy and Bordeaux regions of France, the filing showed.
Hong Kong (AFP) - An auction in Hong Kong Saturday broke the world record for the most expensive lot of wine ever sold, with 114 bottles of Burgundy going for HK$12,556,250 ($1.6 million), Sotheby's said.
It never fails. At some point, the mask slips among the “tolerant” members of academia and we are exposed to their real controlling and authoritarian face. Over the past few weeks there have been two good examples of this. At Harvard, we had senior Sandra Korn (“a joint history of science and studies of women, gender and sexuality concentrator”, whatever that might be) declare that academic freedom is an outdated concept and that “academic justice” is a much better concept: