British national James Wellesley, 58, was extradited from the United Kingdom and arraigned in a Brooklyn federal court on 11 July, where he pleaded not guilty to charges that he and a partner orchestrated an almost $99 million loan-backed wine investment fraud. U.S. prosecutors say Wellesley and fellow Briton Stephen Burton promoted their company, Bordeaux Cellars, as an intermediary arranging loans to wealthy wine collectors between June 2017 and February 2019. Investors were told the loans were secured by more than 25,000 bottles of prestigious vintages, including Domaine de la Romanée-Conti and Château Lafleur, and would generate regular interest payments. Investigators allege the wine collections and collectors never existed and that Bordeaux Cellars controlled only 217 bottles at one point. Incoming funds were allegedly used to pay earlier investors and for personal expenses, creating a $99 million shortfall. Wellesley was ordered detained without bail; Burton, extradited from Morocco in 2023, faces the same charges. Each defendant could receive up to 20 years in prison on each count if convicted.