Ponzi scheme invokes uncommon wine bottles

Uncommon bottles of wine can fetch substantial costs at public sale and have been the topic of fascinating non-fiction. These two qualities communicate to the mixture of rarity with story – two qualities that uncommon wines have in abundance.

Sadly, these qualities may give scammers one thing they will exploit. And a brand new article in Joseph Bullmore’s Air Mail ventures into precisely that territory. It is about two males, Stephen Burton and Andrew Fuller, who lured buyers with the promise they had been lending to wine collectors who had pledged hard-to-get bottles.

If that premise sounds too good to be true, effectively, evidently, it was. Their operation, Bordeaux Cellars, reportedly attracted $100 million in funding and finally introduced Burton and Fuller into authorized scorching water.

Earlier this yr, the Division of Justice introduced indictments for the duo. “Not like the high quality wine they claimed to own, the defendants’ repeated lies to buyers haven’t aged effectively,” Breon Peace, U.S. Legal professional for the Jap District of New York, stated in an announcement. “As alleged, these defendants deceived buyers by providing them an intoxicating funding alternative secured by treasured bottles of high quality wine that turned out to be too good to be true.”

The Air Mail article notes that each males withstand 20 years in jail. Fuller is at the moment in a London jail awaiting trial, whereas Burton’s destiny is unknown.

About Michael Foreman

Check Also

There is a Telegram for Folks to Scream Concerning the Bitcoin Crash

With Bitcoin down 30% up to now week, some crypto merchants have taken to Telegram …