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BVI-based Venulum Group and Giles Cadman raised $22 m from U. S. investors in unregistered offerings, alleges SEC

February 16, 2012 by David Marchant

HIGHLIGHTS

  • 1,664 U. S. investors invested approx. $20 m in "Wine Investment Contracts", stated SEC
  • 94 U. S. investors invested $1.8 m in promissory notes, it was claimed
  • Neither securities offering was registered under The Securities Act of 1933
  • Defendants have settled the complaint without admitting or denying the allegations
  • Settlement does not require payment of any financial penalty

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A British Virgin Islands-domiciled investment fund group known as 'Venulum' and its principal, British national Giles Cadman, have been accused of raising approximately $22 million from more than 1,750 U. S. investors in nine years through unregistered securities offerings that were based around "fine wine".

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