Wine Spectator: Premier Cru Owner Sentenced To Six And A Half Years Behind Bars For Wine Ponzi SchemeDecember 16, 2016
John Fox, the wine store proprietor who admitted to conducting a Ponzi scheme for two decades, was sentenced in federal court Wednesday to six and a half years in prison. Fox, 66, owner of the bankrupt Premier Cru, stood in a San Francisco court room, shackled at the ankles and wearing dark red prison garb inscribed Alameda County jail on the back, as Federal Judge James Donato pronounced the sentence.
“I wish I could go back in time, and undo all the damage I caused, but I know I can’t,” Fox told the court. “I want to serve my time in prison, and when I get out, I hope to pay back everyone.” As part of his plea agreement with the Justice Department, Fox has agreed to make restitution of $45 million to at least 9,000 customers who never received the wines they paid for. Wine Spectator has the full story.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.