A British man extradited to New York City has pleaded not guilty to charges stemming from a $99 million fraud scheme involving high-priced wine. James Wellesley appeared in federal court in Brooklyn after being charged alongside his business partner, Stephen Burton, for allegedly orchestrating a Ponzi-like operation aimed at defrauding international investors, including residents from New York.

The duo is accused of misrepresenting their business, claiming they had access to a valuable wine stockpile and a client list consisting of wealthy collectors, both of which were fabricated. Prosecutors allege that from June 2017 to February 2019, Wellesley and Burton secured almost $100 million in fraudulent loans, using those funds to pay off earlier investors and to cover personal expenses.

Arrested in the UK in February 2022, Wellesley lost his legal battle against extradition earlier this year. A UK judge concluded that the majority of the fraudulent activity originated in the United States, justifying his transfer to face trial.

During his arraignment on Friday, Wellesley pleaded not guilty to charges that include wire fraud and conspiracy to commit money laundering. He is currently being held without bail until the trial. Burton, meanwhile, has already entered a guilty plea for the same charges after being extradited from Morocco, where he was found using a fraudulent passport.

More details on the case can be found through the Justice Department press release.