On April 11, 2015, Mark G. Downey was terminated as Chief Financial Officer, Chief Operating Officer, Secretary and Compliance Officer of Algodon Wines & Luxury Development Group Inc. effective immediately. Mr. Downey's termination was primarily based on the company's effort to reduce expenses and reconfigure staff more efficiently between the company's New York office and Argentina operations, and not as the result of any disagreement with the company practices or policies. On April 13, 2015, the Board of Directors of the company appointed Maria Echevarria as Chief Financial Officer, Chief Operating Officer, Secretary and Compliance Officer of the company, effective April 13, 2015.

She joined the company as Corporate Controller in June of 2014 and had primary responsibility for the company's corporate consolidation, policies and procedures as well as financial reporting for SEC compliance, coordinating budgets and projections, preparing financial presentations and analyzing financial data. Prior to her employment with the company, Ms. Echevarria served as Director of Finance and Accounting for The Hope Center, from 2008 to June 2014 overseeing Finance, Information Systems and Operations.