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US$13m wine and whiskey investment scammer sentenced
Casey Alexander has pled guilty to wire fraud over his wine and whiskey investment scam targeted at elderly Americans.
By cold calling elderly people, largely from the US, Alexander was able to trick them out of large sums of money by promising major returns on investments into fine wines and whiskeys.
He was rumbled in 2020 when the son of one of his victims, who was 89 at the time, notified the Highland Heights Police Department in Ohio of how his father had been defrauded out of US$300,000 over an 18 month period.
During the FBI’s subsequent investigations, it was revealed that Alexander had actually scammed more than 150 individuals who, collectively, invested in excess of US$13 million into his scheme. Some reports have suggested that Alexander, a British national, was able to use his accent to charm his victims into giving him their money. He also met at least one of them in person, talking them into investing in a whisky cask, though it is understood that US$100,000 cheque was cancelled just in time after the FBI notified the budding investor.
Alexander was arrested by the FBI two years ago in June 2022. He was released on a US$50,000 bond shortly afterwards.
A statement released this week from the US Attorney’s Office, Northern District of Ohio, said: “They [Alexander and the others involved in the scheme] used aggressive and deceptive tactics and promised large returns if the victims participated in wine and whiskey investments. They told victims that they could buy a portfolio of fine wines and whiskeys on their behalf, and then hold the purchase in a bonded warehouse located in Europe until sold for a profit.”
“Alexander and his team were able to convince the victims across the country to wire funds or make checks out to one or more suspect companies to participate in the investment opportunities,” the statement continued. “After the initial investments were made, victims were encouraged, and eventually convinced, to continue investing in order to secure larger returns.”
Pleading guilty, Alexander was sentenced to three years of probation by US District Judge Solomon Oliver. He was also ordered to pay US$202,195.58 in restitution for his role in the scam to his victims.
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