Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:08/19/2024

  Type:Service or Repair Issues
  Status:

  UnresolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  3.5 years ago I made an investment with the promise of high stable returns and the ability to buy and sell at will like a marketplace. The reality is that the management fees that are collected are crippling and that the actual returns far lag bonds or even high yield savings accounts. I recently tried to sell my account and listed the wines. After 8 months, there has been absolutely no movement, and when I contact support, I am given the runaround and options that would require selling at a significant discount (probably losing over 40% of my money) to what they are supposedly "worth". During this whole 3.5 years, the fees need to be collected in cash, and I was charged late fees without ever being told. Less than impressed and now I can't even get my money out.

  Business Response

  Date: 09/05/2024

  Hello *** ****, 

  Thank you for taking the time to share your concerns, and we sincerely apologize for the frustration and inconvenience youve experienced. We understand how disappointing this situation has been for you, especially given your expectations when you initially invested with us.
  First, I want to acknowledge any potential delay in your wine selling. The wine market can sometimes be less liquid than anticipated and in the current market wines tend to last longer on the market as buyers are willing to wait for sellers to adjust their prices.. We regret that in your case, it has not moved as quickly as you would have preferred.  All wines from client portfolios that are in the liquidation state are listed to the outside market. It is important to note that the actual time it takes to sell specific wines can vary depending on market conditions, demand, and other factors outside of our control.  Our team is available to provide updates whenever available. 
  Regarding the management fees, we understand how these can feel burdensome, especially when returns fall short of your expectations. Please know that these fees are in place to cover industry leading storage and insurance to protect your wines and maintain their value. We are constantly reviewing our fee structure to ensure it remains competitive and fair. Additionally, any concerns regarding late fees should have been communicated clearly to you. I sincerely apologize if that wasnt the case. We will review your account to ensure full transparency and will rectify any miscommunication on our end.
  Please feel free to reach out to us directly to our support team if you have any questions.
  Thank you again for bringing this to our attention.
  
  

  Customer Answer

  Date: 09/06/2024

   
  Complaint: 22164804
  
  I am rejecting this response because: to be honest, I am just looking to have my principle refunded. It is clear that my wines will not sell for the foreseeable future without a huge discount. I am not even talking about the wasted management fees, I would just like the *****k that I invested. The very 5k that has far underperformed the stock market.
  
  Sincerely,
  
  ****** ****

  Business Response

  Date: 09/18/2024

  Mr. ****, 

  Thank you for sharing your concerns. We understand your frustration regarding the current market conditions and your desire to have your principal investment refunded.
  As with any investment, there are inherent risks involved, and while we strive to maximize returns when possible, the fine wine market, like other alternative asset markets, is subject to fluctuations. It's important to note that we do not guarantee returns on investments, as performance can vary based on market conditions, demand, and other factors beyond our control. Unfortunately, this can sometimes mean that investments may underperform compared to traditional markets.
  We understand and regret the frustration caused because your wines have not yet sold.  Our platform allows for clients to sell their wines early if they choose, instead of requiring them to wait for the wines to reach peak market value and interest based on market conditions and insight from our expert wine team . Selling your wines early does mean you risk limited market interest . Our team will continue to do everything we can to explore options for selling your wines and providing a timely resolution, without having to potentially discount your assets significantly. .
  We appreciate your patience during this process.  Please feel free to reach out to our support team for additional updates and information. 
  

  
  

  Customer Answer

  Date: 09/24/2024

   
  Complaint: 22164804
  
  I am rejecting this response because it really does not address my concerns. I am really needing to cash out at least what I put in. There was a lot of false advertising and misleading statements regarding the performance. I would accept just being able to take my 5k out from vinovest. I just want it now, Ill sell the wines to vinovest. This would really be closer to 7k in the stock market, which is very disappointing.
  
  Sincerely,
  
  ****** ****

• Initial Complaint

  Date:06/07/2024

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Hi, I made an investment of 20 K USD in 2021 with Vinovest, and due to underwhelming returns and high fees, I have decided to liquidate my account, but the representatives are just disappearing on me. And, while originally they offered the option to sell the wines prematurely at a 1.5% commission (which is stated at ***************************************************************************************************************), more recently they have just encouraged dissatisfied customers to sell on a secondary market they have created, which has no liquidity - and, on the rare occasions that an offer is made, is for an over 20% discount. When I pushed for the selling of my wines through their portfolio management team instead, they disappeared on me again. They also have an Auto-Balancing option, which is always On and there's no way to turn Off (in fact, this is even on the **** **********************************************************************************). Therefore, there's no exit strategy here: every time a wine is sold, you only get another wine bought, and if you want to sell it, you have to do so at 20% loss (if lucky!) on an illiquid secondary market. They also use the full investment amount to buy wines, leaving no cash available for the fees. Eventually, when the fees are due, they ask for more money, charging interest if not covered. However, they do not give the option to sell some of your existing wines to cover for the losses - in fact, in one occasion in the past where I insisted they did so (before they created this illiquid secondary market and stopped offering this option), they immediately purchased another wine, getting me into debt again. Finally, my investment horizon was set to ***** years, which is not what I have selected in the beginning. All in all, I am having little hope of having my money back without a lawsuit, but I'm hoping there's something you can do to help me.Thanks a lot!

  Business Response

  Date: 06/25/2024

  Dear **************, 
  Thank you for reaching out to us regarding your recent experience with our service. We genuinely regret that your experience did not meet your expectations and appreciate the opportunity to address your concerns.
  After a thorough review of your account we have confirmed you initially began the process to liquidate your portfolio in October 2023, with updates on May 10, 2024. The 17 cases of wine from your portfolio were successfully listed for sale and one sale was completed on June 17th. 
  Once a customer initiates the liquidation of their portfolio and lists their wines for sale, those wines are listed to the outside markets.  They are not listed on the Vinovest marketplace. I do apologize if there was any confusion about how the liquidation process actually works and where your wines are listed for sale.  Our goal is to always make sure our customers have a clear understanding of wine investing from start to finish.  
  Our fees are structured to cover the costs associated with storing, insuring, and managing your wine portfolio.  Wines that are listed for sale still need to be kept in our industry leading warehouse locations to prevent potential contamination or spoilage which could affect wine values and future sales. 
  The Rebalance feature is automatically turned off in any account that selects to fully liquidate their portfolio.  Again we apologize that this was not made more clear on our website.  
  Our wine trading team will continue to  work to sell your wines as quickly as possible and to get your funds returned to you. 
  Your feedback is invaluable to us as we continually strive to improve our service. We appreciate your investment with us and regret that we were unable to meet your expectations. Should you have any further questions or require additional assistance, please do not hesitate to contact our customer service team.
  Thank you for your understanding.
  
  

  Customer Answer

  Date: 06/25/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *********************************

• Initial Complaint

  Date:06/04/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have tried closing my account and selling my wines multiple times over the past 6 months. I have been in touch with support via email - they have no human being to call - and only receive generic replies. They have made it impossible for me to sell my wine, which makes it impossible for me to cash out, which means I am continuing to pay their monthly account management fee. All I want is the wine sold (honestly dont even care if its at a lost) whats left of my money sent back to me and my account closed. ********************** support has made this completely impossible.

  Business Response

  Date: 06/14/2024

  Dear Mr. ************************** you for reaching out to us and sharing your concerns. We understand your frustration and appreciate the opportunity to address your issues.
  Firstly, we would like to apologize for any inconvenience you have experienced while trying to close your account and sell your wines. We take your feedback seriously and are committed to improving our services.
  Please allow us to clarify a few points regarding the sale process of your wines. The wine market, unlike more liquid markets, can take some time to achieve sales due to its niche nature. For a wine sale to be completed a buyer needs to be found, there may be some price negotiation required and then the payment needs to be settled.. Our team is actively working on selling your wines, but this process is not instant and can vary in duration.
  Regarding the monthly account storage fee, we understand your concern.  These fees are vital in ensuring the storage and insurance necessary to safeguard the value of the wines in your portfolio.  Your wines are still stored in our facility and insured while they are listed for sale.. Without these fees there's a significant risk of damage, spoilage, or contamination, which could hinder potential sales. Before a sale can be completed the potential buyer will require confirmation the wines have been properly stored and insured. 
  We appreciate your patience and understanding as we work to resolve this matter. Our goal is to ensure that you are satisfied with the outcome and that your wines are sold as soon as possible. We appreciate your feedback and hope we will be able to resolve this issue to your satisfaction. 
  Thank you.
  
  

• Initial Complaint

  Date:05/30/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Not only is their investment strategy ****** hyped and misvalued, their management fee is absurdly high. I have lost 10% of my portfolio value over the last 3 years due to the continuously falling wine value and expensive management fees eating into the non-existence product. In hindsight, I would've made 25%+ on S&P alone and ********************* fee is 0.07%.Decided to cut loss and liquidate my account 3 weeks ago and mentally prepared to take a bigger hit to sell my wines 20% below market (what they claimed to be at least) for a quick exit. It's been a month and one of the wine just wouldn't sell. Not sure if this is their tactic to not let customers cash out, because they have a term for full refund ONLY if ALL wines are sold. I asked for a partial refund on 16 May, got their customer success team, *****, to help and connected my bank account to my ********************** account and said the refund will take a week to execute and someone from accounting will make it happen. 2 weeks later, nothing, and ***** stopped replying. This is not very confidence inspiring and absolutely not OK. Very dodgy business practice.

  Business Response

  Date: 06/13/2024

  Dear ************
  Thank you for reaching out to us regarding your recent experience with our service. We genuinely regret that your experience did not meet your expectations and appreciate the opportunity to address your concerns.
  Firstly, we want to emphasize that the value of wine investments can indeed fluctuate due to various market factors. As with any investment, past performance is not indicative of future results, and values can rise or fall over time. While we strive to provide the best possible management of your wine portfolio, these market dynamics are beyond our control.
  Regarding the liquidation of your portfolio, we are pleased to inform you that the process has been completed and all funds have been returned to your bank account as of June 12, 2024.. We understand your frustration with the time it took to finalize this process, and we apologize for any inconvenience caused by the delay.
  We acknowledge your concerns about the storage fees. Our fees are structured to cover the costs associated with storing, insuring, and managing your wine portfolio. While they may appear higher than traditional investment vehicles, they reflect the unique nature of fine wine investment and the specialized services provided. However, we understand that these fees, combined with market fluctuations, have impacted your overall returns, and we regret that this has led to a disappointing experience for you.
  We also apologize for the communication issues you encountered. Our intention is always to provide clear and timely updates to our clients, and we are sorry that this was not your experience. We are reviewing our processes to ensure that such lapses do not occur in the future.
  Your feedback is invaluable to us as we continually strive to improve our service. We appreciate your investment with us and regret that we were unable to meet your expectations. Should you have any further questions or require additional assistance, please do not hesitate to contact our customer service team.
  Thank you for your understanding.
  
  

  Customer Answer

  Date: 06/15/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  Date:05/09/2024

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On Wednesday, May 1st, I contacted ******************************* wanting to initiate the process to close my account because I was being charged late fees that I had no idea about. My goal was to settle the fees and delete the account. They do not have the option to delete your account on your own so you have to contact support. I received a response from ************ who told me I had to start the process to selling my wine and then proceeded to convince me to keep my account but offered no support about deleting the account once the process was finished nor did she answer all my questions. I proceeded to listing my wine for sell because I just wanted to do whatever it took to delete my account. I received confirmation that my wine sold on Sunday, May 5th. I received a receipt and a separate email stating that their banking partner, Modern Treasury would need my banking details so I could be paid. I submitted those details on Sunday, May 5th. I did not receive confirmation or notification of any next steps. I returned to my account to find that ********************** had not only not paid me but that they had taken that money and re-invested it to find more wine for my account without my permission. I was very clear in multiple emails that I wanted to process my fees, sell my wine and delete my account. But of course if there's no option in your account to do this, you can only rely on emails. I emailed them 4 different times and I've yet to receive any more responses since that one response. I would just like to resolve this and never do business with them again. I do hope this makes them a better company in the future.

• Initial Complaint

  Date:04/16/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been trying to liquidate my account for over 6 months and have not had an easy process. I requested to liquidate my entire portfolio of wines. As you can see in the screenshots, one of my cases of wines was sold for $617 on April 1st 2024. Vinovest charged me a liquidation fee which I understand is part of the process. However, on April 8th, for some reason unknown to me, Vinovest purchased the same case of wine again for $617 dollars. This should not be happening if I requested to liqudate my account. Furthermore, the value of the wine they purchased for me on 4/8 suddenly dropped to $453. Not only they they repurchase this wine against my request, but they purchased it almost $200 above the value!! Now, when they resell this wine (if it's even possible), I will have to pay another liquidation fee. I am beyond frustrated with the fees I have been charged and the process it takes to liquidate my portfolio. I have emailed my portfolio manager multiple times but have not received any help. I have informed my legal team of this fraud and am trying to get the funds from my account released to me.

  Business Response

  Date: 05/07/2024

  Dear ****************, 
  We are sorry to hear about the issue you have experienced with our company. As a member of the Better Business Bureau, we take all complaints seriously and strive to provide excellent customer service.
  Our team has completed a thorough review of your account..  We have confirmed that you initiated a full liquidation of your portfolio on September 6th, 2023 and again with updates on April 8, 2024.  At that time all cases of wines from your wine portfolio were actively listed for sale to the outside marketplace. There have been 29  sales completed and our team has assisted with returning funds from each of these sales. 
  Unfortunately there was an error with the sale price of one wine in your portfolio.  Our team got to work to quickly correct this and communicated with you via email about the error.  They also communicated that you would not be penalized for this error and all funds would be returned to you.  
  After receiving your account details our accounting team processed the refund for the price difference on May 1, 2024 via wire transfer to correct the price error.  
  
  At Vinovest, we are committed to providing the best possible experience for our valued investors throughout their investment journey.  Our teams goal is to make sure that all investors have a clear understanding of the wine market and the liquidation process and its timeline. 
  We believe in providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider.  
  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction. We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  

• Initial Complaint

  Date:04/11/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have invested $25.000 in wine over the last five years. The value of the wine has continued to drop. I have monthly expenses to store the wine. I have other investments that are more productive so I want to sell my wine. I started the process of having my wine sold a few months ago. All of the wine but one case has sold. But that last case of wine has been pending sale for nearly two months now. It can't take that long to close the sale. I can't withdraw my funds until all of my wine is sold. I have emailed the company multiple times about the situation, but they never respond. They have both my phone number and email address. They don't give you a phone number to call them. Do they get that many negative phone calls that they had to hide their phone number? This is the worst company for customer service I have ever seen. Close the sale and transfer my funds.

  Business Response

  Date: 04/18/2024

  Dear **********************, 
  We are sorry to hear about the issue you have experienced with our company. As a member of the Better Business Bureau, we take all complaints seriously and strive to provide excellent customer service.
  Our team has completed a thorough review of your account.  We have confirmed that your account was created 2 years ago with your first deposit in May 2022. You initiated a full liquidation of your portfolio on October 28, 2023.  At that time the 16  cases of wines from your wine portfolio were actively listed for sale to the outside marketplace. There have been 15 sales completed.  
  Our standard liquidation policy is for all funds to be returned to the account holder when a portfolio liquidation has completed and all of the wines from the portfolio have sold.  Customers are able to reach out to our support team to request a partial withdrawal of their available funds from their Vinovest account while their liquidation is in progress.  After review, our team has not received any requests for assistance with a partial withdrawal from you.  Our support team has followed up with you via email with the instructions on how we can process your withdrawal request for available funds.  
  At Vinovest, we are committed to providing the best possible experience for our valued investors throughout their investment journey.  Our teams goal is to make sure that all investors have a clear understanding of the wine market and the liquidation process and its timeline, as well as the process for returning funds when a portfolio liquidation is completed. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider.  
  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction. We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  
  

• Initial Complaint

  Date:03/19/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I invested 1500 with VinoVest online, which manages a wine portfolio. They sold one of my wines and never told me or gave me my money. I have all the documents to prove this. I have tried contacting them for a month through several emails through their systems, and NO one has contacted me back. I believe they have stolen from me, and I will pursue further legal channels and reports to the SEC and FCC. I am also involving an attorney to help get my money back from this company. They have a lot of reviews on ****** of people saying the same thing as I do. I cannot contact them via phone or direct email as they have nothing listed, only a form on their site. I cannot withdraw my remaining 12oo funds either. I cannot believe an investing company has gotten away with this for so long. This has to come to an end.

  Business Response

  Date: 03/19/2024

  Dear ******************, 
  We are sorry to hear about the issue you have experienced with our company. As a member of the Better Business Bureau, we take all complaints seriously and strive to provide excellent customer service.
  Our team has completed a thorough review of your account..  We have confirmed that you initiated a full liquidation of your portfolio on March 18, 2023.  At that time the two cases of wines from your wine portfolio were actively listed for sale to the outside marketplace. There has been one sale completed. The sale of the case of ***************************, ******* was completed on November 8, 2023.   Our standard liquidation policy is for all funds to be returned to the account holder when a portfolio liquidation has completed and all of the wines from the portfolio have sold.  Our team has communicated with you via email that they are happy to assist you with a partial withdrawal of your funds from the one wine sale.  An email from our banking partner, Modern Treasury, was sent to you on March 19th to securely link your bank details.  Our accounting team will schedule that withdrawal payment once we have confirmed your bank details have been received. 
  Our team has also relisted the remaining wine from your wine managed portfolio for sale as this listing had been removed.  Once this wine sale has completed our team will also schedule the return of your funds as quickly as possible.  
  At Vinovest, we are committed to providing the best possible experience for our valued investors throughout their investment journey.  Our teams goal is to make sure that all investors have a clear understanding of the wine market and the liquidation process and its timeline, as well as the process for returning funds when a portfolio liquidation is completed. 
  At our company, we are committed to providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider.  
  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction. We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  
  

  Customer Answer

  Date: 03/21/2024

   
  Complaint: 21441665
  
  I am rejecting this response because: I have not received any funds for the sale of my wine as of today.
  
  Sincerely,
  
  *******************************

  Business Response

  Date: 03/22/2024

  ******************, 

  Thank you for your response.  

  I have confirmed with our accounting that that your withdrawal payment for $515  was processed earlier today to your linked ***** ******************************* account ending *1876.  As mentioned in our team's email correspondence with you, a portion of your funds remains in your account for the storage fees for your remaining wine holdings while your portfolio liquidation continues.   
  
  Depending on your bank the funds should be deposited into your account within 1-3 business days. 

  Thank you again for bringing this matter to our attention.  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction.
  
  
  

  
  

  Customer Answer

  Date: 03/31/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *******************************

• Initial Complaint

  Date:03/05/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  ****************** was done after 1x1 with the meeting with the account manager. Asked about the policy of investment and control over my investment. I was told that I had complete control and exit anytime I wanted.In 2023, lost my job and would like my investment back and told that at the time of funding, I locked in my investment for 3 years. I am not aware of this and this is fraudulent. I need my investment back asap.

  Business Response

  Date: 03/07/2024

  Mr. ************************************ are sorry to hear that you have been unhappy with your experience as a Vinovest customer. We take all complaints seriously and strive to provide excellent customer service.
  Our team conducted a review of your account.  We have confirmed that your account was originally created in July 2023 after your initial meetings with our whiskey team members.  Your initial deposit of $30,000 was added to your account July 20, 2024 and our whiskey team completed the purchases of whiskey casks for your portfolio that same week. 
  Whiskey is a long term asset as we try to make clear to all investors.   The average hold time depends on the  cask. For American whiskey, clients can expect to hold their cask for three to five years.  This hold time was shared with you in email communications from ****.  He shared possible whiskey cask options for your investment and also the estimated hold times for those casks before they would be eligible to be sold.  
  The barrels are in contract for 3 years before they are able to be sold. As we work directly with partner distilleries.. These distilleries are purchasing the casks upon maturity, which may be before the 3 year period, however, the highest demand currently shows for product at minimum of 3-year maturity. 
  All customers must agree that they understand that whiskey is a long term investment with a minimum three year holding period on all whiskey casks before they can be sold.  It also states in our terms and conditions that an additional purchase condition of whiskey purchases is they must be held for a minimum of three years before they can be sold or bottled. 
  Our team has confirmed in email communication with you the three year hold period.  They have also confirmed that they are working to identify any possible exits for your whiskey casks.  However with the young maturity of the whiskey casks in your portfolio that were approved by you,  there is no guarantee of an exit before the three year mark. 
  At Vinovest, we are committed to providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider.  
  We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.
  
  

  Customer Answer

  Date: 03/11/2024

   
  Complaint: 21386688
  
  I am rejecting this response because: The 1x1 meeting before the deposit, I have asked question about control over my investment as to when I can sell. 

  I was told I have complete control over the investment and sell anytime I want but the return wont be good or any if investment is less than 3 yrs. 
  
  Sincerely,
  
  ***********************

  Business Response

  Date: 03/19/2024

  Dear **************, 
  Thank you for your response. 
  Just as the aging process is essential for producing premium whiskey, it is equally crucial for ensuring the value and potential return on whiskey investments. All whiskey holdings must be held for a minimum of three years before they can be sold or bottled if the account holder prefers. 
  When you made the decision to invest in whiskey through our platform, you entered into an agreement that acknowledges and respects this requirement.   Our terms and conditions also explicitly states the three year hold requirement is an additional condition for all whiskey portfolios. 
  Our whiskey team is fully committed to maximizing the value and potential of your whiskey investments over time. Our team remains dedicated to monitoring and managing your investments with the utmost care and diligence, for the future potential of the whiskey casks. Our team has also communicated with you multiple times that they will continue to look for any potential opportunities for your whiskey portfolio to be sold before the minimum hold time, however there is no guarantee of finding a buyer for the unmatured whiskey. 
  Again we appreciate your understanding in this matter.  
  
  

• Initial Complaint

  Date:02/16/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  When I signed up for vinovest I deposited money into the account and specific wines were purchased. On the app I could sell those wines instantly. Later I deposited more money and bought more wine with instant liquidation available. I then bought whiskey casks without instant liquidation.Since that time where I invested about $40,000 vinovest has removed the ability to sell my wine. Now, they tell me that I need to sell the wine myself at a loss, on their website, to liquidate it. Even attempting to do this, I still have wines sitting there available at a loss and not moving. It is a total bait and switch. It is not what I signed up for, and I had no say in the matter.Ive requested a liquidation and now receive computer generated emails and no further response from the company with a plan to liquidate my cash.The whiskey casks have literally no plan. I asked when I could sell them and was told initially 3 years, then more recently I was told if they are sold the money will be automatically re-invested in more whiskey. There is no option on the website or app to plan for an exit and liquidate. Emails have received no feedback or options to plan for a liquidation. My assets or cash are essentially being held prisoner. I have to hope a sales person remembers my request and does me a favor to exit this position.*** requested the companys general councils email to begin legal proceedings and have not received a response.The lack of communication, lack of direct phone number - calls are appointment only, bait and switch liquidation, and lack of transparency or customer control over their assets and funds is abysmal. Id strongly recommend anyone considering this company for an investment to go elsewhere.

  Business Response

  Date: 02/28/2024

  Dear *****, 
  We are sorry to hear about the issue you have experienced with our company. As a member of the Better Business Bureau, we take all complaints seriously and strive to provide excellent customer service.
  Our team has completed a thorough review of your account..  We have confirmed that you initiated a full liquidation of your portfolio on January 2, 2024  At that time all five of the wines from your portfolio were actively listed for sale to the outside marketplace. There have been four wine sales completed in your portfolio and our team has processed the withdrawal payment of those funds.    Our standard liquidation policy is for all funds to be returned to the account holder when a portfolio liquidation has completed and all of the wines have sold.  Although there was a brief issue with the original payment being returned due to inaccurate information provided to our accounting members, our team has been able to work with you to resolve this quickly to return your funds the week of February 26th. 
  At Vinovest, we are committed to providing the best possible experience for our valued investors throughout their investment journey. To ensure that we can adapt to changing circumstances and continue to meet the needs of our customers effectively, we occasionally need to update our terms and conditions, including the conditions that apply to the sales of wine and the liquidation of portfolios.  The most recent changes of the liquidation policy were implemented in December 2022.  All customers were notified via email of these changes. Please be assured that any changes we make to our terms and conditions are carefully considered, and we always strive to provide you with clear and transparent guidelines for our platform.
  In regards to your whiskey exposure, the barrels are in contract for 3 years before they are able to be sold. Whiskey is a long term investment. We try to make this timeline very clear to all of our valued investors.  As we work directly with partner distilleries, we sell to high-profile whiskey brands around the country with direct transparency into contract pricing & market activity. These distilleries are purchasing the casks upon maturity, which may be before the 3 year period, however, the highest demand currently shows for product at 3-year maturity.   When your whiskey casks are ready to be sold you will be given the option to reinvest your funds in new whiskey casks or close your whiskey account and have those funds returned.  
  At our company, we are committed to providing the highest quality products and services to our customers. We believe in transparency and fairness in all our business dealings, and we take pride in our reputation as a trustworthy and reliable provider.  
  We appreciate your feedback and hope we have been able to resolve this issue to your satisfaction. We value your business and look forward to the opportunity to earn your trust and loyalty once again.
  Thank you again for bringing this matter to our attention.