British Man Admits to Massive Wine Fraud Scheme

A British man has admitted to his role in a vast fraud scheme involving faked loans for prestigious wine collections, amounting to nearly $100 million. Details emerged in a New York court where James Wellesley, 59, pleaded guilty to wire fraud conspiracy, revealing the elaborate con designed to deceive investors.

Under the guise of offering loans backed by high-value wine bottles, Wellesley, also known as Andrew Fuller, alongside Stephen Burton orchestrated a sophisticated scam. They persuaded investors with the promise of regular interest payments, citing an impressive yet fictitious inventory, including renowned wines like Domaine de la Romanee-Conti and Chateau Lafleur.

As the truth unravelled, authorities identified that Bordeaux Cellars, the supposed firm backing the loans, possessed only a fraction of the claimed inventory. The duo's fraudulent activity, which spanned from 2017 to 2019, concluded with significant financial loss for investors. Sentencing is scheduled for early 2026, with Wellesley risking over a decade behind bars.

(With inputs from agencies.)