British man accused of swindling nearly $100 million in wine fraud case pleads not guilty

Stephen Burton, a British man, pleaded not guilty to allegedly defrauding investors of nearly $100 million through a Ponzi-like scheme involving nonexistent luxury wines. Burton, along with co-defendant James Wellesley, ran Bordeaux Cellars, a company that brokered loans between investors and high-net-worth wine collectors. They solicited $99 million from investors, promising profits through interest payments backed by wine that did not actually exist. Burton was extradited from Morocco and faces charges of wire fraud, wire fraud conspiracy, and money laundering conspiracy.