James Wellesley stood before a judge in Brooklyn on Oct. 7 and pleaded guilty to wire fraud conspiracy. The conspiracy in question? Wellesley and fellow defendant Stephen Burton had been accused of taking $99.4 million from investors in an elaborate Ponzi scheme. The two British men claimed the money would be used for high-interest loans to wealthy investors in need of quick capital. The loans would be backed by rare collectible wines, which would be sold if the investors failed to pay back the loans.

The problem was, those wines never existed. Neither did the borrowers supposedly taking out the loans. Instead the money went into Burton and Wellesley’s pockets; they used the money for their own expenses and to pay some “interest” to their investors. Both men now face a decade or more in prison. Wine Spectator has the full story.