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.
Bu hikaye Wine Spectator dergisinin June 30, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Wine Spectator dergisinin June 30, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Shipwrecked Champagne Hoard Discovered Near Sweden
It sometimes feels like wine has a habit of falling into the briny deep. On July 23, Polish wreck diver and underwater photographer Tomasz Stachura announced that he and his Baltictech team had discovered the wreck of a 19th-century sailing ship near Öland, an island off the coast of Sweden—and it was crammed with bottles of Champagne and mineral water.
Openings: The Latest in Napa Tasting
Several new tasting options have opened in Napa Valley, particularly in downtown Napa where wineries are launching satellite tasting rooms. Standing out from the crowd means trying new approaches. Here are some highlights:
War in Middle East Affects Vintners
The 2024 harvest at Israel’s Dalton Winery was punctuated by nonstop rocket and drone attacks launched from just across the border in Hezbollah-controlled southern Lebanon.
Wineries Sue Napa County in Federal Court
Three Napa wineries filed a joint lawsuit in federal court in September alleging that Napa County officials violated their constitutional rights.
Savoring Persimmon Season
For many, persimmons are an enigma ingredient. Chef David Nayfeld of Award of Excellence-winning Che Fico in San Francisco and its Best of Award of Excellence sibling dangling persimmons off the tree with a stick at a childhood friend's house before realizing what they were. \"I remember his parents saying, 'Hey, don't hit the persimmons, those are food!\"\"
Tasting Plate: A German Six-Pack
Though it boasts Western Europe’s largest population and biggest economy, Germany is nowhere near the cheese juggernaut its neighbors Switzerland and France are. That said, the Germans love their fine cheeses, and they do turn out some excellent ones, fortunately including more than a handful that are currently available here in the U.S.
Gigondas Blanc Est Arrivé!
Ask winemakers in the Southern Rhône to name the most exciting white grape in their region and you will hear a growing number of them say \"Clairette.\"
Kistler's DARKER SIDE
Russian River Valley Pinot Noir ups the ante at the house that Chardonnay built
THE SPLENDOR OF CHAMPAGNE
THE REGION'S LEADING PRODUCERS DELIVER HIGH QUALITY AMID A DIVERSE RANGE OF STYLES
MICHAEL BATTERBERRY: 1932-2010 Gourmet, Journalist, Gentleman
Before Food Network, Top Chef or Yelp ... before the term “foodie\" ... before tomatoes were heirloom and sushi was fast food... back when fancy restaurants were always French... Michael Batterberry and his wife, Ariane, were working to celebrate and elevate the status of American chefs and international cuisine. Julie Mautner, Food Arts' former executive editor, looks at the life and legacy of her late mentor, affectionately known as The Bat.
