Saturday, December 8, 2018

Clever Tricks Followed by Frank Gigliotti, John Claus, Trevor Broad, Craig Watson & Darryl moriyama from Being Bankrupt

Cavallo Winery & Frank Gigliotti give the Canadian wine industry a black eye.
A small Langley winery in BC Canada is facing a lawsuit for fraud. Cavallo Winery led by Frank Gigliotti, John Claus, Trevor Broad, Craig Watson and Darryl Moriyama is being sued by a group of shareholders that invested upwards of $500.000 into Cavallo to save the company from bankruptcy.
In 2016 Cavallo Winery (aka ) a private BC wine club run by Frank Gigliotti of California Cult Classics ( ) had already raised $1,500,000 from investors to establish a successful wine club that purchases quality grapes from Napa and produces wine in BC Canada to be sold to its club members. However the investment had proven to be a complete disaster as Cavallo Winery was faced with the threat of foreclosure by Coast Capital Bank.With few options, Cavallo decided to raise additional funds to convert the winery to a commercial operation and commence production of new wines. The first of several additional financings came in the form of a merger with a private BC holding corporation that injected an immediate $250,000 into Cavallo’s operations which was followed by several other financings. This first cash injection was completed by issuing the aforementioned holding company approximately a 30% interest in Cavallo.
No sooner was the ink dry on the completed merger but Gigliotti managed to have Cavallo make a payment to himself for $400,000 to purchase a new Ferrari. Such payment was made exclusively against the agreed upon terms of the merger agreement.When shareholders complained about such fraudulent use of funds, Gigliotti and his cohorts decided to not recognize the agreed upon issuance of 30%of the corporate shares to the new funding shareholders as well as shares to other shareholders causing the lawsuit against Cavallo for fraud and mismanagement of funds.

Read more at : Lawsuit Against Fraud and Mismanagement of Canvallo Winery Fund

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