"Wine Ponzi Scheme: $99 Million Swindled by 2 Men, U.S. Alleges"

Two British men have been charged in an elaborate Ponzi scheme where they allegedly convinced investors to provide nearly $100 million in loans to non-existent wealthy wine collectors. The men, executives of Bordeaux Cellars, promised that the loans would be secured by valuable wine reserves that they did not possess. Instead, they used the lenders' money to make interest payments to other investors and for personal gain. One of the men has pleaded not guilty, while the other is still in extradition proceedings. If convicted, they could face up to 20 years in prison.