Three men jailed over £37 million wine investment scam targeting pensioners
Three men have been sentenced for orchestrating a £37 million wine investment fraud that conned 41 victims, including an 81-year-old man from Croxley Green.
Ben Cazaly, 42, Dominic D’Sa, 45, and Greg Assemakis, 39, were sentenced at St Albans Crown Court on Friday, following an investigation by Hertfordshire Trading Standards. Cazaly received six-and-a-half years, D’Sa four-and-a-half years, and Assemakis three-and-a-half years in prison.
The trio lured victims into investing in fine Bordeaux wines, including Chateau Mouton Rothschild, under the false promise that investors would profit only when the wine was sold. In reality, the prices were artificially inflated, ensuring investors would see little to no returns. Many victims lost hundreds of thousands of pounds, though some, like Terry Fleming, an 81-year-old from Croxley Green, did not lose all their money.
Cazaly founded Imperial Wine & Spirits Merchant Ltd, previously Imperial Wines of London Ltd, in 2008, presenting it as a legitimate, family-run investment firm with offices in London, Paris, and Hong Kong, and personal connections to Bordeaux vineyards. In truth, the operation relied on call centre staff using scripts to cold-call and manipulate victims, often targeting vulnerable pensioners.
During a 2018 raid, Trading Standards discovered a call centre mantra saying ‘No means Yes’, along with evidence including sales call recordings, scripts, commission sheets, and complaint letters.
Councillor Ajanta Hilton highlighted the devastating impact on victims:
“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.”
Lord Michael Bichard, chair of National Trading Standards, added:
“This case exposed shocking levels of greed. Fraudsters promised sky-high profits, only to manipulate their victims into handing over significant amounts of money they would never realistically see a return on.”
The convictions serve as a strong warning against investment scams targeting elderly and vulnerable individuals, emphasizing the severe legal consequences for perpetrators.
