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March 31, 1995

FTC Charges Deceptive Marketing at Wine Exchange: The Federal Trade Commission charged that a California firm's telemarketing scheme misrepresented the profit potential in bottles of fine wine. Wine Exchange Inc., based in Westlake Village, settled the charges by agreeing to halt allegedly deceptive marketing practices and to refund $600,000 to investors. The company also will relinquish claims to $2.5 million in unpaid fees and charges from wine investors. The FTC said the firm, formerly known as Wine Futures Exchange Inc., misled investors into thinking that they could buy premium California vintages at a discount, and resell the wine at a substantial profit.

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