Overview

• James Wellesley, 59, pleaded guilty in Brooklyn to a wire fraud conspiracy tied to loans marketed through Bordeaux Cellars.
• Sentencing is scheduled for Feb. 3, 2026, with a recommended guideline range of about 10 to 12½ years in prison.
• Prosecutors say Wellesley and Stephen Burton raised $99.4 million by promising investors regular interest from loans to wealthy wine collectors.
• The loans were pitched as secured by more than 25,000 bottles including elite labels, but investigators say Bordeaux Cellars controlled far fewer, possibly as few as 217, and funds went to personal expenses and payments to other investors; the scheme ran from June 2017 to February 2019 and collapsed when interest payments stopped.
• Burton pleaded guilty in July and accepted a $26 million forfeiture order, with sentencing set for Jan. 6, 2026, and both men remain detained in Brooklyn.