Wednesday, October 8, 2025

Latest

British Man Accused of Creating Ponzi Scheme That Targeted Wine Collectors Pleads Not Guilty

In a New York court on Saturday, British national Stephen Burton, 58, pleaded not guilty to charges of orchestrating a fraudulent scheme that allegedly defrauded investors of nearly $100 million. 

Burton, extradited from Morocco where he was arrested in 2022 with a fake Zimbabwean passport, faces accusations of running Bordeaux Cellars, a company that purportedly facilitated loans between investors and affluent wine collectors. 

Federal prosecutors assert that Burton and his co-defendant, James Wellesley, solicited $99 million from investors between June 2017 and February 2019, promising profits through interest payments secured by non-existent luxury wines.

The indictment, filed in 2022, led to Burton’s detention pending trial. Prosecutors claim that the duo approached investors at various venues, including conferences in the US and abroad, falsely representing loans backed by stored wines for wealthy collectors. Investigations revealed that these collectors did not exist, and Bordeaux Cellars did not possess the wine supposedly securing the loans. 

Wellesley, also a British citizen, awaits extradition in the United Kingdom. 

If convicted, Burton and Wellesley could each face up to 20 years in prison for wire fraud, wire fraud conspiracy, and money laundering conspiracy. 


Information for this story was found via DOJ, Reuters, the New York Times, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Home Builder Charged After $37M Fraud Left Hundreds Without Houses

Three executives from a collapsed Ontario home construction company have been charged by provincial regulators...

Monday, May 26, 2025, 11:24:00 AM

Trump Can’t Cover His $464 Million Appeal Bond, And It Appears No One Else Wants To

Former President Donald Trump is having trouble securing a bond to cover the massive $464...

Tuesday, March 19, 2024, 08:11:31 AM

Colorado Pastor Blames God For Defrauding People In $1.3 Million Crypto Scam

Colorado Pastor and INDXcoin Founder, Eli Regalado, is facing fraud charges after allegedly selling a...

Monday, January 22, 2024, 12:57:00 PM

Reddit Confession Leads to Unraveling of International Student’s Academic Fraud

A 19-year-old international student from India has been arrested for fabricating documents to secure a...

Saturday, July 6, 2024, 09:11:00 AM

Trump Pleads for Donations as Deadline Looms for Massive Fraud Bond

Former President Donald Trump faces a rapidly approaching deadline to post a massive $454 million...

Sunday, March 24, 2024, 07:28:00 AM