US Edition
British man extradited to US to face federal charges in alleged $99 million wine scam
UNITED KINGDOM, JUL 11 – James Wellesley and Stephen Burton face charges for a $99 million fraud involving fake wine-backed loans that deceived investors, with prosecutors highlighting extensive false collateral claims.
- A man from the United Kingdom, James Wellesley, was arraigned in Brooklyn federal court on $99 million fraud charges related to a fake wine company called Bordeaux Cellars.
- Wellesley and co-defendant Stephen Burton allegedly defrauded investors by pretending to broker loans secured by non-existent high-value wine collections.
- Prosecutors claim the defendants misappropriated funds to pay investors and for personal use, leading to significant financial losses for victims.
- If convicted, both men face up to 20 years in prison for charges including wire fraud and money laundering conspiracy.
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Burgundy, Bordeaux and Co. – with the right selection, wine can become a valuable building block for wealth building. Why you now rely on new countries, rare vintages and smart storage. And which area is considered "the new Burgundy".
·Vienna, Austria
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Associated Press News+12 Reposted by 12 other sources
British man extradited to US to face federal charges in alleged $99 million wine scam
A British man has been brought to the U.S. to face charges in connection with an alleged $99 million Ponzi-like fraud involving expensive wines.
·United States
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Total News Sources26
Leaning Left6Leaning Right7Center8Last UpdatedBias Distribution38% Center
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C 38%
R 33%
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