"James Wellesley was sentenced to 10 years in prison for swindling investors out of $97 million tied to a collection of extremely rare and valuable wines that didn't exist."
"US District Judge Pamela Chen called the crime a brazen act, highlighting the severity of Wellesley's fraudulent activities."
"Wellesley pleaded guilty in October to one count of conspiracy to commit wire fraud, admitting his role in the elaborate scheme."
"The prison term of 10 years was less than the 12 1/2 years requested by federal prosecutors, indicating some leniency in sentencing."
James Wellesley, a 59-year-old British man, was sentenced to 10 years in prison for defrauding investors out of $97 million related to a fictitious collection of rare wines. He pleaded guilty to conspiracy to commit wire fraud in October. US District Judge Pamela Chen described the crime as brazen. The sentence was shorter than the 12 1/2 years sought by federal prosecutors, reflecting the severity of the fraudulent scheme.
Read at www.bloomberg.com
Unable to calculate read time
Collection
[
|
...
]