Normally, such a high rate of interest meant that the loan would be dicey. Not so, the two men claimed— these loans would be secured with prestigious wines from the borrowers’ cellars, transferred to climate-controlled, secure warehouses overseen by Bordeaux Cellars. “What happens in case of a default?” asked Stephen Burton, the 57-year-old head of the firm, at a 2015 conference in Cancun. “We sell the wine.”
“Lots of customers are property developers who are short of cash,” said Burton’s partner, James Wellesley, 55, at a 2017 conference in Las Vegas. “We only lend against investment grade wine …. We’re dealing with mainly French wines, some of the nicer California wines [such as] Screaming Eagle.”
The promise of 12% interest to the lender on a secured loan in an era of record low interest rates seemed too good to be true. And it was. Burton and Wellesley, CEO and CFO of Bordeaux Cellars, were indicted by a grand jury in a Federal District Court in Brooklyn, N.Y., in March on charges of wire fraud and money laundering. They’re accused of inducing investors to “invest in excess of approximately $99.4 million in term loans purportedly brokered by Bordeaux Cellars,” states the indictment.
この記事は Wine Spectator の June 30, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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この記事は Wine Spectator の June 30, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
New Zealand's Success Story - From small beginnings, the country's wines have ascended to global prominence
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