John Fox and Premier Cru- Wine Fraud
John Fox and His Premier Cru Allegedly Ran a $45 Million Wine Commodities Scheme
Commodities have been traded in Chicago since the 19th century. Back then it was the Chicago Butter and Egg Board. By the 21st century Windy City commodities traders were dealing Eurodollars and stock market indices. Now you can also add wine to the list.
Elite Chicago wine connoisseurs had allegedly been purchasing wine futures at phenomenally low prices from John Fox and Premier Cru, a part of Fox Ortega Enterprises, according to reports from California currently under review by attorneys Jason Kane and James Booker.
The Peiffer Wolf Carr & Kane securities lawyers are currently investigating John Fox and Premier Cru’s alleged wine futures Ponzi scheme.
More than 250 Illinois Residents Listed on Premier Cru Bankruptcy; Thousands of Customers Allegedly Poured in $45 Million as Part of Purported $45 Million Ponzi Scheme
Fox Ortega Enterprises, which operated as John Fox’s Premier Cru, has allegedly filed for bankruptcy and listed thousands of creditors including more than 250 Illinois residents, mostly from Chicago, according to reports from California currently being examined by attorneys Jason Kane and James Booker.
Federal prosecutors have alleged that Fox‘s alleged scheme received customer orders for wine futures, a now regular practice for connoisseurs used to locate potentially rare wine for a rock bottom prices before sophisticated vintages hit the marketplace, said reports further detail.
It seems there was just one problem. Rather than filling the orders, Fox was allegedly siphoning the funds to finance a lavish lifestyle rather than securing the wine orders, according to California Court Reports. Fox has since been arrested, and is looking at 6-1/2 years in prison and tens of millions of dollars in restitution when he’s sentenced in December.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of alleged Ponzi schemes, and are currently investigating Premier Cru owner John Fox’s alleged wine futures Ponzi scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Premier Cru owner John Fox’s alleged wine futures Ponzi scheme are encouraged to contact the Peiffer Rosca securities lawyers, Jason Kane or James Booker, for a free no-obligation evaluation of their recovery options, at (585) 310-5140.