British pair plead guilty over £75m wine fraud

A BRITISH conman has admitted his role in a £75million fraud which duped investors into backing loans for fake millionaire wine collectors.

- By Christopher Bucktin US Editor

Disbarred lawyer James Wellesley, 59, pleaded guilty in New York to a wire fraud conspiracy over the global scam, which promised investors huge returns on loans supposedly secured against rare vintages.

He now faces up to 12 and a half years behind bars.

Wellesley, who also used the names Andrew Fuller and Andrew Templar, entered his plea before US District Judge Pamela Chen in Brooklyn.