Overview

• On July 11 in Brooklyn federal court James Wellesley pleaded not guilty and was ordered detained pending trial.
• Prosecutors charged Wellesley and co-defendant Stephen Burton with wire fraud conspiracy, wire fraud and money laundering conspiracy.
• The indictment alleges they solicited $99 million from 2017 to 2019 by promising loans secured by high-value wine collections that did not exist.
• Stephen Burton was extradited from Morocco in 2023 and has also pleaded not guilty and remains in custody.
• Each defendant faces up to 20 years in prison if convicted.