Herts Trading Standards investigation into fraudulent wine investment leads to three convicted
Three men who created a fake wine company and tricked 41 victims into investing in their scam will face justice
Three individuals have been convicted of fraudulent trading following an investigation into a wine investment company that misled consumers over a ten-year period.
The case was heard at St Albans Crown Court this week following a long-running inquiry led by Hertfordshire County Council’s Trading Standards team.
Ben Cazaly, 42, Greg Assemakis, 39, and Dominic D’Sa, 45, were all found guilty of fraudulent trading, contrary to Section 993 of the Companies Act 2006, in connection with the operation of Imperial Wine & Spirits Merchant Ltd, previously known as Imperial Wines of London Ltd.
The investigation found that although £6 million was directly lost by 41 victims across the UK, more than £37 million passed through the company’s accounts over the period it was trading.
The company marketed fine Bordeaux wines—such as Château Mouton Rothschild—as investment products.
Customers were told that the company would only make a profit once the wine was sold on the investor’s behalf, at a profit. However, the investigation established that wines were marked up significantly at the point of sale—sometimes by over 400%—reducing the likelihood that they could increase in value sufficiently for a return.
Some victims lost hundreds of thousands of pounds, and while much of the wine existed and was stored in bonded warehouses, some customers received no wine at all despite making substantial payments.
Ben Cazaly established the company in 2008, describing it as a family-run investment house with offices in London, Paris and Hong Kong, and connections to Bordeaux vineyards.
The Trading Standards investigation later found that the business operated primarily from a London call centre, where staff followed prepared scripts and made unsolicited calls to potential investors.
According to evidence presented in court, sales staff used a variety of approaches including sending marketing brochures, using unauthorised logos of media outlets including The Daily Telegraph and The Financial Times, and offering hospitality to prospective customers.
Sales training practices drew on material from the film The Wolf of Wall Street, and some staff used aliases during communications with customers.
On 8 November 2018, Trading Standards officers conducted a raid at the company’s office in Groveland Court, London. Items seized during the operation included customer complaint letters, commission records, call scripts, a book titled Wine for Dummies, and recordings of customer calls.
A sign reading “No means Yes” was found displayed in the office.
The court heard call recordings involving some customers in vulnerable situations. In one example played to the jury, a caller was heard asking a confused elderly woman for her payment card details, despite the woman stating she did not know what a payment card was or who she banked with.
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, commented: “Victims in this case lost thousands of pounds through a coordinated 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.”
Sentencing is scheduled for 24 October 2025.