A beverage company, The3rdBevco Inc., and its founder, Peter Scalise III, have agreed to pay over $1.1 million to the U.S. Securities and Exchange Commission (SEC) to resolve allegations of investor fund misuse and false claims of a partnership with pop icon Rihanna.
In a judgment issued Monday by U.S. District Judge Wendy Beetlestone in Philadelphia federal court, Scalise, 56, and The3rdBevco will jointly disgorge more than $856,000, pay nearly $35,000 in prejudgment interest, and Scalise will separately pay a fine exceeding $236,000. Neither party admitted wrongdoing as part of the consented settlement.
The SEC filed suit on June 17, accusing the defendants of defrauding investors out of $3.6 million by misrepresenting the intended use of raised funds and falsely implying an exclusive collaboration with Rihanna.
While the SEC complaint did not name Rihanna directly, The3rdBevco press releases—available online—claimed plans to launch “an exclusive Barbados-distilled rum called RiRi” in partnership with the global superstar. The SEC clarified that although the company had contact with Rihanna’s brother to potentially facilitate a meeting with her management team, no deal, negotiation, or direct communication with Rihanna or her management ever occurred.
A 2022 company press release noted that The3rdBevco signed a letter of intent with Rorrey Fenty, Rihanna’s younger brother, as a senior strategic consultant for its celebrity brand division, promoting the potential rum...
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