"Prosecutors said Wellesley and Burton, posing as executives at London- and Hong Kong-registered Bordeaux Cellars, raised $99.4 million by promising loan investors they would receive regular interest payments from "high net worth" wine collectors. The defendants allegedly claimed the loans were backed by an inventory of more than 25,000 bottles of wine, including from Domaine de la Romanee-Conti in Burgundy and Chateau Lafleur in Bordeaux."
"Wellesley, also known as Andrew Fuller, had pleaded not guilty to three charges including conspiracy in July. He remains jailed at Brooklyn's Metropolitan Detention Center, after unsuccessfully fighting extradition from Britain. According to his plea agreement, Wellesley could face 10 to 12-1/2 years in prison under recommended federal guidelines. He also agreed to forfeit $1 million plus funds in more than two dozen bank accounts."
James Wellesley, also known as Andrew Fuller, pleaded guilty in New York to involvement in a nearly $100 million fraud targeting investors. Wellesley remains jailed after fighting extradition from Britain and agreed to forfeit $1 million plus funds in over two dozen bank accounts. Co-defendant Stephen Burton pleaded guilty in July, accepted a $26 million forfeiture order, and is jailed. Prosecutors said the defendants, posing as executives of Bordeaux Cellars, raised $99.4 million by promising interest payments from loans allegedly backed by more than 25,000 bottles of high-end wine. The inventory was far smaller, loan proceeds were misused, and the scheme ran from June 2017 to February 2019 before collapsing when interest payments stopped.
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