Ben Cazaly, 42, Greg Assemakis, 39, and Dominic D’Sa, 45, were all convicted of fraudulent trading contrary to s993 of the Companies Act 2006 at St Albans Crown Court yesterday (August 5).
The trio played a key role in a complex wine fraud run by Imperial Wine & Spirits Merchant Ltd, previously Imperial Wines of London Ltd.
An investigation by Hertfordshire Trading Standards revealed that £6 million was lost from 41 victims from across the UK, and that more than £37 million passed through the company accounts during 10 years that they were trading.
The fraudsters conned hundreds of consumers out of cash and life savings by convincing them to invest in fine Bordeaux wine such as Chateau Mouton Rothschild, on the back of a lie that the company didn’t make any money until they sold the wine at a profit for the customer.
But, they actually marked the initial price up so high, sometimes more than 400 per cent, that for many investors, it would never increase in value and some customers lost hundreds of thousands of pounds.
While the majority of the wine did exist and was kept in bonded warehouses, a number of victims had no wine at all despite paying for it.
In 2008, Ben Cazaly founded a company called Imperial Wines of London Ltd, later called Imperial Wine & Spirits Merchant Ltd, claiming it to be a legitimate, family-run investment house in fine wine with offices in City of London, Paris and Hong Kong and personal suppliers in the chateaux and vineyards of Bordeaux.
The reality was in fact a group of young people in a call centre, working from scripts to cold call and manipulate vulnerable and trusting pensioners.
Tactics such as hiring luxury taxis, wining and dining their victims, who were often recently bereaved or lonely, and sending out glossy brochures purporting to be a well-respected company also took place.
Evidence was also secured showing that the individuals used fake names when talking to their victims, all tricks learned from watching films like The Wolf of Wall Street as company sales training.
Trading Standards officers raided the office building where the fraudsters were operating from in Groveland Court, London, on November 8, 2018, and found a mantra on the wall stating ‘No means Yes’.
A large number of items were seized and presented as evidence during the trial, including sales call recordings, a ‘Wine for Dummies’ book , scripts, commission sheets and complaint letters from customers.
Call recordings of actual calls to prospective customers were played to the jury, some of which involved obviously very vulnerable customers.
One such example was particularly distressing to listen to, as the salesperson repeatedly asked the confused lady for her payment card details despite the lady not knowing what a payment card was or who she banked with.
Cazaly, Assemakis, and D’Sa will be sentenced on October 24, 2025, while Emma Akast, Conor Crawley and Ayesha Pindoria were acquitted on all charges.
Cllr Ajanta Hilton, executive member for community safety at Hertfordshire County Council said: “The stories of those targeted with this investment scam are devastating.
“Not only have they lost hard earned life savings, but the emotional impact this scam has had on them and their family members has been significant.
“I’d like to thank them for their bravery in telling their stories so that these callous criminals could be brought to justice.”
Trish Burls, chair of the National Trading Standards Tri Regional Investigations Team, added: “Victims in this case lost thousands of pounds through a co-ordinated scam of lies, deceit and manipulation.
“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.
“I hope today’s outcome provides some solace for the victims and families involved. If you suspect you or someone you know might have been targeted by a scam like this, you should report it to the Citizens Advice Consumer Service on 0808 223 1133.”
