High-Stakes Wine Fraud: British Duo Faces $99 Million Charges

British nationals James Wellesley and Stephen Burton are charged in the US for allegedly orchestrating a $99 million Ponzi scheme involving fictitious wine investments. Extradited from the UK and Morocco, respectively, both face wire fraud and money laundering charges. Prosecutors claim their company, Bordeaux Cellars, was a facade.

A legal storm is brewing as British duo James Wellesley and Stephen Burton face serious allegations in a US court for a staggering $99 million Ponzi-like scheme centered around luxurious wines.

Wellesley, 58, entered a not guilty plea Friday after being extradited from the UK, while Burton, 60, followed suit following his extradition from Morocco, accused of using a fake passport.

The duo is said to have defrauded investors through their company, Bordeaux Cellars, by falsely promising profits from non-existent loans secured by wealthy wine collections. Both face up to 20 years behind bars if convicted.

(With inputs from agencies.)