A British man accused of running a $100 million fake wine loan scam pleaded not guilty in New York, denying claims that he sold investors a vintage collection that didn’t exist. The high-stakes fraud allegedly duped victims with promises of rare bottles and big returns.
James Wellesley, 58, also known as Andrew Fuller, pleaded not guilty Friday in Brooklyn to wire fraud, wire fraud conspiracy, and money laundering conspiracy charges.
He was ordered held without bail at Brooklyn’s Metropolitan Detention Center after fighting extradition from Britain.
Wellesley and co-defendant Stephen Burton, 60, also British and held in the same jail, face up to 20 years in prison if convicted.
Prosecutors say that between June 2017 and February 2019, the men persuaded victims to invest $99.4 million in loans brokered by their company Bordeaux Cellars, claiming the loans were secured by an inventory of over 25,000 rare wine bottles, including Domaine de la Romanee-Conti and Chateau Lafleur.
However, Bordeaux Cellars controlled far fewer bottles than claimed, only 217 in March 2018, prosecutors said.
The defendants allegedly used new loan proceeds to pay interest to some investors and for personal expenses.
The scheme unraveled when interest payments stopped.
The case is U.S. v Burton et al, U.S. District Court, Eastern District of New York, No. 22-cr-00079.
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Shoppers packed malls and downtown streets in Caracas on Black Friday (28 November) as retailers offered discounts despite Venezuela’s prolonged economic crisis. Customers queued in shoe and electronics stores and browsed signs advertising cuts of up to 50%.
The famed Nuremberg Christmas Market opened on Friday (28 November) with its traditional ceremony featuring the Nuremberg Christkind, an angel-like child figure said to deliver Christmas gifts in some European countries.
A joint operation led by the U.S. Drug Enforcement Administration (DEA) and the U.S. Coast Guard on Thursday resulted in the seizure of more than four tons of cocaine and the arrest of two suspects off Costa Rica’s Pacific Coast.
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Shoppers packed malls and downtown streets in Caracas on Black Friday (28 November) as retailers offered discounts despite Venezuela’s prolonged economic crisis. Customers queued in shoe and electronics stores and browsed signs advertising cuts of up to 50%.
The famed Nuremberg Christmas Market opened on Friday (28 November) with its traditional ceremony featuring the Nuremberg Christkind, an angel-like child figure said to deliver Christmas gifts in some European countries.
A joint operation led by the U.S. Drug Enforcement Administration (DEA) and the U.S. Coast Guard on Thursday resulted in the seizure of more than four tons of cocaine and the arrest of two suspects off Costa Rica’s Pacific Coast.
Peru will declare a state of emergency along its border with Chile, President José Jerí said on Friday, as migrants seek to cross into the country following a Chilean presidential frontrunner's vow to expel undocumented migrants.
U.S. Secretary of State Marco Rubio plans to skip a meeting of NATO foreign ministers in Brussels next week, two U.S. officials told reporters, marking a highly unusual absence for the top American diplomat at a major transatlantic gathering.
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