Three men convicted of £6m wine investment scam

The Scheme

The three men, Benjamin Cazaly, 42, Gregory Assemakis, 39, and Dominic D’Sa, 45, used a complex and sophisticated scheme to swindle at least £6m from 41 victims. The scheme involved creating a convincing and deceptive wine investment company, Imperial Wine & Spirits Merchants, which was founded by Cazaly in 2008. The company’s claims were that it was a family-run investment house with international offices in Paris and Hong Kong, when in reality, it was a call centre in an office building in Groveland Court, London. The company’s marketing materials, including glossy brochures, used logos from reputable financial publications such as the Daily Telegraph and the Financial Times without permission.

Victims were cold-called by salesmen using fake names and scripts to persuade them to invest in the wine company.
The company used a range of tactics, including fake emails and letters, to build trust with its victims.
It also used its victims’ own fears and doubts to manipulate them into handing over their money.

The Investigation

An investigation by Hertfordshire Trading Standards found that £37m had passed through Imperial Wine & Spirits Merchants’ accounts during its 10-year operation. The investigation revealed that the company’s salesmen used a range of tactics to convince pensioners to invest in the wine company, including fake emails, letters, and phone calls.

Investment	Percentage Overcharge
Pensioner’s Life Savings	Over 400%

The Verdict

Benjamin Cazaly, Gregory Assemakis, and Dominic D’Sa were found guilty of fraudulent trading on Tuesday at St Albans Crown Court. The court heard that the three men had used a range of tactics to convince their victims to hand over their money, including the use of fake names and scripts, and the use of their victims’ own fears and doubts to manipulate them. The court also heard that the victims had lost thousands of pounds through the scam, with some pensioners losing their entire life savings.

Quotes from the Investigation

Trish Burls from National Trading Standards said: “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.”

Ajanta Hilton, executive member for community safety at Hertfordshire County Council, added: “The stories of those targeted with this investment scam are devastating. I’d like to thank them for their bravery in telling their stories so that these callous criminals could be brought to justice.”

Impact of the Scam

The scam had a significant impact on the victims, causing them to lose their life savings and causing significant emotional distress. The victims were also left feeling deceived and manipulated by the perpetrators.

Many of the victims were pensioners who had lost their entire life savings.
The scam had a significant impact on the victims’ mental and emotional well-being.
The victims were left feeling vulnerable and trusting of others.

What Can Be Learned from This Case

The case highlights the importance of being vigilant and cautious when dealing with unsolicited investment offers. It also highlights the importance of doing thorough research and due diligence before investing in any company.

“The perpetrators used films such as The Wolf of Wall Street to learn manipulation tricks. They also used the ‘no means yes’ mantra to manipulate their victims.

This case serves as a warning to potential victims and a reminder of the importance of being aware of the tactics used by scammers. It also highlights the importance of reporting suspicious activity and working together to bring scammers to justice.

Conclusion

The conviction of Benjamin Cazaly, Gregory Assemakis, and Dominic D’Sa marks a significant step in bringing the perpetrators to justice and providing closure for the victims. The case serves as a reminder of the importance of being vigilant and cautious when dealing with unsolicited investment offers, and the importance of doing thorough research and due diligence before investing in any company.