British man admits to $99 million fake wine loan scam in New York
James Wellesley pleaded guilty to wire fraud conspiracy after defrauding investors with claims of high-value wine-backed loans.
A British man has pleaded guilty in New York to his role in a $99 million wine investment fraud built on fictitious collectors and non-existent bottles, Reuters has originally reported.
Guilty plea in Brooklyn court
James Wellesley, 59 – also known as Andrew Fuller – admitted to one count of wire fraud conspiracy before US District Judge Pamela Chen in Brooklyn on Tuesday, court records show.
Wellesley had previously denied three charges, including conspiracy, after being extradited from the UK earlier this year. He remains in custody at Brooklyn’s Metropolitan Detention Center.
According to Reuters, Wellesley faces a potential sentence of 10 to 12 and a half years in prison under federal guidelines. He also agreed to forfeit $1 million, along with funds held in more than two dozen bank accounts. His lawyer did not immediately respond to Reuters’ request for comment.
Lavish claims, little wine
Prosecutors said Wellesley and co-defendant Stephen Burton, 61, posed as executives of London- and Hong Kong-registered Bordeaux Cellars, raising $99.4 million from investors. The pair claimed the money would fund loans to “high net worth” wine collectors, backed by rare vintages from estates such as Domaine de la Romanée-Conti and Château Lafleur.
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In reality, prosecutors said Bordeaux Cellars held only a fraction of the bottles it claimed — as few as 217 compared to the more than 25,000 advertised. The funds were instead used for personal expenses and to pay interest to earlier investors.
The scheme ran from June 2017 until February 2019, collapsing when the promised payments stopped.
Sentencing set for 2026
Burton pleaded guilty in July to wire fraud conspiracy and money laundering conspiracy, accepting a $26 million forfeiture order. He is also being held in Brooklyn and is due to be sentenced on 6 January 2026.
Wellesley’s sentencing is scheduled for 3 February 2026.
The case is US v Burton et al, U.S. District Court, Eastern District of New York, No. 22-cr-00079.
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