Wine Spectator: How Two Men Allegedly Duped Investors With A Tale Of Rare WinesMarch 10, 2022
Last week, Stephen Burton and James Wellesley, CEO and CFO, respectively, of Bordeaux Cellars, were indicted by a grand jury in a Federal District Court in Brooklyn on charges of wire fraud and money laundering. In total, Burton and Wellesley are accused of inducing investors to “invest in excess of approximately $99.4 million in term loans purportedly brokered by Bordeaux Cellars,” states the indictment.
“Unlike the fine wine they purported to possess, the defendants’ repeated lies to investors did not age well,” said Breon Peace, U.S. Attorney for the Eastern District of New York. Wine Spectator has the full story.—Peter HellmanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.