Overview

• James Wellesley was extradited from the United Kingdom in July 2025 and arraigned Friday in Brooklyn federal court before Magistrate Judge Robert M. Levy.
• Both defendants have pleaded not guilty and were ordered detained pending trial on charges of wire fraud conspiracy, wire fraud and money laundering conspiracy.
• Prosecutors allege that from June 2017 through February 2019 the pair solicited about $99 million by promising secured loans backed by non-existent rare wine collections.
• The indictment states they operated a Ponzi-style scheme by using incoming funds to make fake interest payments and cover personal expenses.
• If convicted, Wellesley and co-defendant Stephen Burton face up to 20 years in prison under U.S. sentencing guidelines.