Three people were convicted of fraudulent trading in a case at St Albans Crown Court in the UK this week, following an investigation into the fine wine investment scam by Hertfordshire County Council’s trading standards team.
It described a ‘complex wine fraud’ run via a now-closed company known as Imperial Wine & Spirits Merchant Ltd and previously named Imperial Wines of London Ltd.
A probe found 41 victims collectively lost £6m, but more than £37m passed through the company’s accounts in the 10 years that it was trading, said Hertfordshire County Council and the National Trading Standards body.
They said customers were offered top-tier Bordeaux wines on the false basis that the company wouldn’t make any money until the wines were sold on for a profit.
They added the company inflated initial prices for the wines, sometimes by more than 400%, meaning many investors did not see an increase in value and some customers lost hundreds of thousands of pounds.
While a majority of the wine did exist and was kept in bonded warehouses, some victims didn’t receive any bottles.
Tactics included hiring luxury taxis to wine and dine victims, publishing glossy brochures and using fake names, the investigation found.
Staff reportedly watched ‘Wolf of Wall Street’ and other films as part of company sales training.
Trading standards officers raided office premises in London in 2018 and found a mantra on the wall stating ‘no means yes’, as well as a ‘Wine for Dummies’ book plus scripts and complaint letters from customers.
Ben Cazaly, 42, was one of the three people convicted on 5 August following a trial at St Albans Crown Court in relation to the scheme. Cazaly founded Imperial Wines of London Ltd in 2008, before the firm was later renamed.
The other two people convicted were Greg Assemakis, 39, and Dominic D’Sa, 45, said Hertfordshire County Council and National Trading Standards.
Trish Burls, chair of the National Trading Standards Tri Regional Investigations Team, said, ‘The criminals exploited people’s passion and enthusiasm, preying on them to invest while stripping many of their life savings and causing significant emotional distress.’
Sentencing will take place on 24 October 2025.
