Uncle Nearest founder Fawn Weaver has been terminated as CEO by the court-appointed receiver.
Fawn Weaver, who branded herself “The People’s CEO,” launched the premium whiskey company in 2016 in honor of master distiller, Nearest Green. Uncle Nearest was the first Black-owned whiskey distillery in America.
The court-appointed receiver, Phillip G. Young Jr., accused Weaver and her husband, former CEO Keith Weaver, of defaulting on $108 million in loans. The couple was also accused of misusing funds to purchase a home near the Obamas in Martha’s Vineyard.
In his court filing on July 10, Young said his decision “was not made lightly.” But he said it meant “significantly less confusion among employees and vendors.”
Young said he moved quickly to block the Weavers’ access to company facilities and computer systems.
The breach of loan agreement lawsuit was filed on July 28, 2025 in Tennessee. The lender accused Fawn Weaver of allegedly failing to make “principle and interest payments” on the loan.
Farm Credit also accused the Weavers of using part of the loan to purchase a $2.2 million house on Martha’s Vineyard, near the Obamas’ home.
The bank said the Weavers didn’t file tax returns for Uncle Nearest in 5 years.
Rapper Jay-Z at Philadelphia Stadium on June 15, 2026, in Philadelphia. (Photo by MAURICE VAN STEEN / ANP via Getty Images)[/caption]
The bank also uncovered a $20 million loan to the Weavers from rapper Jay-Z’s MarcyPen venture capital fund.
Farm Credit said the Weavers failed to disclose the true source of the $20 million loan.
In August 2025, a judge ordered Fawn Weaver to give up control of Uncle Nearest. The judge appointed Young as receiver to oversee the company’s day-to-day operations.
In a video on Instagram last year, Fawn Weaver claimed “Uncle Nearest is stronger than ever.”