British man admits to $99 million fraud in New York

Person of interest admits fraud conspiracy in scheme involving fictitious wine collections and wealthy clients

A UK national has pleaded guilty to orchestrating a $99.4 million wine investment fraud that deceived victims with promises of loans to wealthy collectors backed by nonexistent luxury vineyards.

James Wellesley, 59, admitted to wire fraud conspiracy on Tuesday, October 07, 2025, before U.S. District Judge Pamela Chen in Brooklyn, reversing his earlier not-guilty plea and potentially facing 10-12 years imprisonment under federal sentencing guidelines.

Wellesley and co-defendant Stephen Burton, 61, posed as executives of Bordeaux Cellars, raising nearly $100 million from investors between 2017 and 2019 by claiming their loans financed "high net worth" wine collectors and were secured by extensive inventories including Domaine de la Romanee-Conti and Chateau Lafleur vintages.

Prosecutors revealed the company actually possessed as few as 217 bottles rather than the promised 25,000, using investor funds for personal expenses and Ponzi-style interest payments.

The scheme collapsed when interest payments ceased in early 2019, triggering international investigations that led to both defendants' extradition from Britain.

Burton previously pleaded guilty in July 2025 to wire fraud and money laundering conspiracy, accepting a $26 million forfeiture order.

Wellesley has agreed to surrender $1 million plus assets from more than two dozen bank accounts as part of his plea agreement.

In addition to that, both men remain incarcerated at Brooklyn's Metropolitan Detention Center awaiting sentencing, with Burton's hearing scheduled for January 2026 and Wellesley's for February 2026.