Three individuals were found guilty of fraud in a high-profile case involving a £37 million fine wine investment scam that predominantly targeted pensioners and aspiring investors in the UK. The court proceedings took place at St Albans Crown Court following an extensive investigation by Hertfordshire County Council’s trading standards team.
The investigation unraveled a deceptive operation that was once run by a now-defunct company named Imperial Wine & Spirits Merchant Ltd, formerly known as Imperial Wines of London Ltd. It was discovered that 41 victims suffered significant losses, totaling £6 million, although over £37 million coursed through the company during its decade of operation.
Victims were falsely promised high-quality Bordeaux wines, under the pretense that the firm would only profit once the wines were resold for a profit. Additionally, the company reportedly inflated wine prices by as much as 400%, leading many investors to experience minimal returns, while some lost up to hundreds of thousands of pounds.
Despite most of the wines being stored in bonded warehouses, there were instances where investors did not receive their bottles. The perpetrators employed various tactics including luxury dining experiences, promotional brochures, and even the use of fake names to lure victims. Notably, employees would watch films like "Wolf of Wall Street" as part of their sales training.
In 2018, a raid at the company’s London office revealed questionable slogans such as "no means yes," as well as training materials that included a book titled "Wine for Dummies" and scripted responses to customer complaints. Ben Cazaly, aged 42, was among the convicted individuals, having founded Imperial Wines of London Ltd in 2008. Alongside him, Greg Assemakis, 39, and Dominic D’Sa, 45, were also convicted.
Trish Burls, chair of the National Trading Standards Tri Regional Investigations Team, remarked on the emotional toll the scam took on its victims, as they had invested their life savings based on deceitful promises.
Sentencing for the trio is scheduled for October 24, 2025.