BWTC and IWC: Craven and Hayble jailed

Today at St Albans Crown Court Paul Craven was sentenced to six years for fraudulent trading in connection with the Bordeaux Wine Trading Company Ltd. Oseghale Hayble was sentenced to five years for the same offence for International Wine Commodities.

The maximum sentence is seven years for a single offence.

I understand that Craven wrote to His Honour Judge John Plumstead apologising for his stupidity but the Judge said it wasn't a question of Craven's stupidity rather that he was dishonest. Craven was principally to blame for setting up the fraud. The judge said that the jury's verdict was absolutely correct and that Craven had wasted people's time and money with his highly unlikely defence through two trials.

The judge would have likely to give Craven a longer sentence but his hands were tied with seven years being the maximum.

There will now be proceedings to confiscate the fraudsters' assets.

The investigation was carried out by the Economic Crime Unit of Hertfordshire Police.

Bordeaux Wine Trading Company: Paul Craven looted investors' money

There are a number of reasons why I'm delighted that Paul Craven, 'managing director' of the Bordeaux Wine Trading Company Ltd (BWTC) was found guilty of fraudulent trading on Monday at the second time of asking. 

The guilty verdict shows that you can't just take investors' money on the pretence that you are buying Bordeaux en primeur, and instead blow it on a succession of cars, expensive watches, almost continuous holidays, a flat and £100 a week cocaine habit.

During his evidence Craven said he was proud to be 'managing director' of a company that was doing well. In reality Craven was the looter in chief – very far from the 'managing director'. Ann Evans, the Crown Prosecutor was right when she told Craven – "You treated BWTC as your own private piggy bank". 

I'm delighted because it underlines that a jury often comes to the right decision in drinks investment trials. At the end of the first trial last autumn the jury couldn't decide whether Craven and Oseghale Hayble were guilty in relation to BWTC, so there had to be a retrial. As previously reported Hayble became ill during the trial, so Craven was left as the sole defendant. I suspect that at the first trial the jury, faced with a number of defendants and three different companies – BWTC, International Wine Commodities and Templar Vintners, they felt they couldn't safely convict Craven for his part in BWTC. 

Happily this time it was different. In the full glare Craven's threadbare defence was evident. It was not in dispute that the company had never bought any wine for its investor clients. Instead Craven claimed that it was Hayble, who had been responsible for buying the wine.  He maintained that he assumed that Hayble was buying wine. Craven, the sole signatory on the bank account for much of BWTC's fraudulent life, claimed he had taken Hayble's word as his bond as he passed over wads of cash in brown envelopes to Hayble. Laughably Craven explained that Hayble had told him that if he paid for the wine in cash they would get a 50%-60% discount of the First Growths they were selling to their clients. 

Craven claimed that he was still passing great wads of cash over to Hayble even after Hayble had left to set up the equally fraudulent International Wine Commodities Ltd. On one occasion £85,000 was "handed over" in the car park of the Maze Inn in North London. Curiously Craven never thought to ask for a receipt for any of this cash. Nor did he appear to think it curious that there were no receipts for wine bought, although the company did keep records of invoices and bills for office furniture, computers and the like. Furthermore Craven acknowledged that one of his few tasks at the company was to check the bills. No receipts for the £1.2 million taken from BWTC's clients to buy investment wines? "I trusted Hayble – took his word as his bond," said Craven.

Yet at the same time Craven claimed in the witness box that Hayble was spending a lot of time in night clubs – drinking heavily and snorting cocaine. No receipts for the cash handed over! Flying pigs territory! The simple answer was it was never Craven's intention to buy any wine. From his very short time as a salesman at the Bordeaux Wine Company Craven had learned that there is easy money to be made in flogging wine as an investment to naive punters. Even easier, if as was the case with BWTC, you simply trouser your clients' cash.             

It is clear from the unanimous guilty verdict that Craven gained no friends from his egotistical display in the witness box. Although he mouthed some platitude about having "a duty of care to BWTC investors to ensure that their wine was bought", Craven couldn't have cared less about the clients he had fleeced to provide him with coke, flashy cars, smart clothes, designer watches etc. The only person he felt sorry for was – Paul Craven – the last defendant and in prison on remand. "I've been left to carry the can!" he bleated.     

Testimony from the sales force painted Craven as a bully who could be charming when he wanted to be but was unpredictable. Craven insisted that his boiler room sales team pounded the phones incessantly – not as it turned out because of a work ethic but to pour more cash into his pockets. "It was sometimes difficult to even get a coffee," said one of the salesmen.

At the autumn trial Hayble along with Benedict Moruthoane were found guilty for their part in the International Wine Commodities fraud and, in addition, Moruthoane for the Templar Vintners fraud. On 5th January 2011 Moruthoane was sentenced to 7.5 years, which is a considerable sentence for fraud.

On Thursday it will be the turn of Paul Craven and Oseghale Hayble – I hope they, too, get substantial sentences.      

Finally I'm delighted that Hertfordshire police's economic crime unit carried out the investigation and obtained these convictions.   

***

It was extraordinary to watch convicted fraudster, Frederick Achom, give evidence that he is a partner in the Bordeaux Wine Company Ltd, a wine investment company set up in 2002 by Achom and his fellow fraudster – Anthony Grant. Both men were banned in 2002 from being directors for 11 years until July 2013. Yet here they are running a wine investment company as shadow directors. Achom testified that up until 2006 was he was in charge of buying the wine, while from other testimony given during the trial it is clear that Anthony Grant is fully involved in the day to day running of the company, particularly in managing and training the sales staff.  

Why one might wonder bother to ban people from being directors if you are not going to enforce these bans?

 

Bordeaux Wine Trading Company: Craven guilty

The jury in the Paul Craven case returned a unanimous verdict of guilty yesterday – found guilty of fraudulent trading.

More to follow.

The Bordeaux Wine Trading Company: fraud trial 30th June - 1st July 2011

Thursday St Albans: 30^th June 2011 and 1st July 2011

Defendants: Paul Craven

Charges:

Fraudulent trading

Between 21^st July 2006 and 19 June 2008 knowingly party to the carrying on a business of a company Bordeaux Wine Trading Company with the intent to defraud the creditors of said company, BWTC took £1.2 million from its clients. Only £12,200 has been recovered.

It is accepted that the Bordeaux Wine Trading Company Ltd bought none of the wine (all en primeur) that their clients ordered. 

Samantha Cohen, Craven's defence barrister, took Craven through his evidence starting with his time with Bordeaux Wine Trading and, in particular, his admiration for Freddy Achom's life style. Craven saw Achom a couple of times flying past in a Ferrari and a Lamborghini along with tales of weekends in Monte Carlo and Cannes. Craven agreed that he thought "I wouldn't mind a bit of that lifestyle myself".

In the summer of 2006 Craven said he asked Nik Cashman if he fancied setting up a similar business to BWC? Cashman readily agreed on the condition that we can get Oseghale Hayble on board. The spark to set up BWTC had come from Paul Craven. However, he said that "I didn't have a clue about what we were doing. At this point I had only had 4-6 weeks experience in wine investment, whereas Nik had had one year and Oseghale had several years' experience".

Craven said that he had a meeting with Hayble to sound him out in an All Bar One at Oxford Circus. Hayble agreed to join them if "I can purchase the wine". Craven explained how they set up the company and Ms Cohen took him through a number of invoices and bills for office furniture, computers, the Goldmaine program and the like. Craven was the sole signatory on the bank account. Checking bills was part of Craven's management role.

Hayble persuaded a number of sales staff to come across from the Bordeaux Wine Company. Niklaus Cashman and Hayble did the job interviews. "I didn't know what was needed to be a good salesman," said Craven. 

The content for BWTC brochure and website was copied from the Bordeaux Wine Company. "It was put together by Nik and Ose. I had no substantial input, although I did read it through."

"Ose was always meant to purchase the wines. I couldn't even pronounce the châteaux's names for the first six months. I didn't have one contact in the wine trade. Ose told me that he was dealing with Bud Cuchet, buying director of Fine & Rare Wines Ltd." Craven was shown an email sent on 9th February 2007 from Cuchet enclosing a list of 'what we can offer'. Craven didn't think he had seen this email.

(Although there was contact with Fine & Rare Ltd, a fine wine broking company established in 1994, no orders were placed or wine bought.)   

It was Ose's signature on the certificates sent out to investors. Craven never sold a case of wine at BWTC. "I couldn't do it. Hours and hours of conversation on the phone. Let them get on with it really."

"Ose was meant to be dealing with the wines." It was Ose who decided what price to charge for the wines. "I wouldn't have known what price to charge," said Craven. "We gave Ose cash to purchase wine." Although Craven was the sole signatory on the bank account until September 2007 when Cashman became a signatory, the company debit card was for Hayble and Cashman's use. "The card was there to be used," said Craven.

On 3rd January 2007 Hayble and Craven became directors of the company. "I felt good about it – managing director of a company doing well. It was recognition."

Their secretary Lauren Reynolds was with the company for between 4-7 months. From time to time she would be kicked out of the office. "It was so Ose and I could sort out the money and for general chat. We would be handling 10s of thousands of £s, so we didn't want her to see this."

Ms Cohen asked Craven why they had paid for the wine in cash. "Ose told me that if we paid in cash then we would get a 50-60% discount for cash. Ose put us all in the shit because he didn't buy the wine – I wouldn't have known that he wasn't buying it."

Craven described how Hayble was given wads of money – £85,000 in one instance – in brown envelopes. "We were buying wines en primeur – wines that would not be delivered for 18 months to two years." Craven explained that they had a computer program that would allow password protected access to the accounts from anywhere in the world.

In July 2007 Hayble resigned as a director of the Bordaux Wine Trading Company telling Craven that he wasleaving to set up a modelling agancy. Craven claimed that he and Hayble had "a firm agreement that Ose would continue to purchase wine – "he would take cash and purchase wine. This was what was supposed to be happening." Craven explained that he met Ose at various places. "We met at the Maze Inn – sometimes in the carpark and sometimes inside. Ose, who could log in to see what had been sold, was always given the money in cash to purchase wine," insisted Craven.   

More to follow.  

The Bordeaux Wine Trading Company: fraud trial 20th June 2011

St Albans: Monday 20^th June 2011

Defendants: Paul Craven and Oseghale Hayble*

Charges:

Fraudulent trading

Between 21^st July 2006 and 19 June 2008 knowingly party to the carrying on a business of a company Bordeaux Wine Trading Company with the intent to defraud the creditors of said company. 

It is accepted that the Bordeaux Wine Trading Company Ltd bought none of the wine (all en primeur) that their clients ordered.  

Monday 20^th June 2011

Three witnesses: Stephen Creaton (salesman with Bordeaux Wine Trading Company), James Seaton (salesman with Bordeaux Wine Trading Company) and Frederick Achom (owner of the Bordeaux Wine Company). 

Stephen Creaton

From April 2006 he had worked at the Bordeaux Wine Company, a wine investment company set up in 2002, where he had met Oseghale Hayble, who was his line manager. At BWC his role was to cold call from qualified leads. BWC sold First and Second Growth wines – both finished wines and en primeur. Anthony Grant was his manager with Hayble as his deputy.

After Hayble left BWC he contacted Creaton to offer him a job with the his new company – The Bordeaux Wine Trading Company (BWTC). He decided to accept as the pay was better with a more favourable commission structure and the offices in Potters Bar were closer to his home whereas BWC was based in Central London.

As at BWC the sales force at BWTC used Goldmine, a software progam to keep track of clients. The sales force used a script provided in a folder.

Hayble was again his line manager, who spent most of his time with the sales team. Creaton described Hayble as “very fair, generally a nice manager”. Paul Craven wasn’t in the office generally spending his time when he was there in the back office. “Craven was very insistent that the sales team should be on the phone – even getting a coffee was hard.”

There were two white boards in the sales room. One recorded the sales made by the staff. It was Hayble, who kept this board up to date. The other board listed the five First Growths and their prices. The list of wines never changed, although the prices did. There was no indication of the quantity of wines available and it was Craven who changed the prices. Samantha Cohen, Craven’s barrister, challenged Creaton whether he was correct to say that it was Craven who updated the prices. Although pressed on this, Creaton maintained that it was Craven who updated the prices.

In time Creaton become concerned about BWTC and whether the wines were being bought. As he came to learn more about the fine wine market an off-the-cuff remark by Craven that he was off to Bordeaux to buy wine was a catalyst for his concerns   

In time Creaton stopped selling and started to look for a new job. He was asked about the cars that Paul Craven drove and mentioned that Craven had a series of one car after another. This included a black Porsche, Golf and a motorbike – £10,000 new bike.      

James Seaton

Seaton was another salesman at the Bordeaux Wine Company Ltd where he spent about 18 months. He was trained by Hayble and met Paul Craven at BWC. His role there was to cold call potential clients and to follow up calls.

In January 2007 he was contacted by Craven, who told him that he could earn better money. He accepted and started work at BWTC’s office in Potters’ Bar in February 2007. His day-to-day contact was with Hayble.

 Initially working at BWTC went OK but as time went on it became more and more chaotic, especially once Hayble left in ‘September-October 2007. “Nothing organized.”

Seaton was asked about the two white boards. One had targets and amounts of wine that had been sold by the sales team. The other listed the prices of the wines to be sold. He didn’t know how much wine there was to sell.   

Seaton had no contract of employment with BWTC. By January 2008 the company was disorganised “It was a chaotic place to work.”

Cross examined by John Femi-Ola, Hayble’s barrister, Seaton said that Hayble drove a black Honda, while Craven was “living it large’. Seaton listed the cars that Craven drove: a Range Rover, black Porsche, sports motorbike, a BMW convertible and a Golf Sports. “But not all at the same time,” Seaton added.

Seaton explained that from time to time Paul would offer special one-off-commission deals on wines – known as spivs. These were offered “apparently at Paul’s whim.  Ose was much easier to deal with. Appeared to me that Paul was a law to himself.”

From August 2007 after Hayble had left “the business went down the drain. The admin collapsed. The secretary left and wasn’t replaced. The office was manic and chaotic. Craven was in the office less and less. Sarah, Paul’s partner, would come in from time to time.”

Seaton was asked by Femi-Ola, who he thought was responsible for buying the wine in the period from August 2007 to January 2008 after the departure of Hayble. Seaton wasn’t aware of who was responsible for buying the wine. His Honor Judge Plumstead listed for Seaton the people who had left the company and the person still at the company – Paul Craven.

Frederick Achom

Partner in the Bordeaux Wine Company

Frederick Achom is a partner in the Bordeaux Wine Company Ltd (BWC), a wine investment company established in 2002. Craven and Hayble worked for  BWC prior to setting up BWTC. Achom explained that the company offers both bottled wines and en primeur. They purchase from UK based merchants – top wine merchants – as well as from France and Switzerland and négociants in Bordeaux. He described BWC’s invoice to customer system for en primeur including an allocation confirmation certificate, showing who they had bought the wine from. In 2006 he had a 12-15 strong sales force and the company was turning over £3.5 million. The sales’ staff were paid a basic wage of £25,000 with between 2%-4% commission.

Up to 2006 it was Achom who bought wine – now it is Arlene King. 

Achom explained that their margins were “way higher when they started” and that they were “slightly over-priced”. He said that the 2005 vintage was the beginning of the boom and that certain wines were increasing in price by 30% a year. 2000 Lafite had gone from £3000 to nearly £20,000.

Hayble worked for BWC off and on for a number of years. His periods of work at BWC would be interspersed by his time modelling and acting. In all he probably worked seriously for BWC for 18 months. Achom was aware that Paul Craven had worked briefly for BWC but he had never met him.

Achom was asked by prosecutor Ann Evans whether he was aware that he was a hero to Paul Craven. “He looked up to you. Your success – your cars: Lamborghini etc.” Achom was not aware that Craven took him for a role model.

In June 2006 Hayble told Achom over lunch that he was going to Los Angeles to see if he could make a real go of his acting career. However, later Achom learnt when he started receiving phone calls from BWC clients, who had been contacted by BWTC, that Hayble had actually set a rival wine investment company with Paul Craven. “When we checked the prices BWTC were offering on wine-searcher, they were way too low,” said Achom. BWTC were selling below the market price.

Achom was asked about a phone call he made to Hayble in October 2008, after Hayble had gone on to set up International Wine Commodities Ltd,  challenging him saying “Up to your old frauds again!”     

Achom was also asked about how companies pay for the wine they order. “We pay by bank transfer or by cheque. The idea of paying for wine using bundles of cash in brown envelopes is a nonsense.” Craven would claim repeatedly when he gave evidence this week (30^th June – 1^st July) that it was Hayble’s responsibility to buy the wine and that he was given money in brown envelopes for this purpose.

  * Later in this week Hayble became ill and proceedings against him were halted with the jury discharged from considering his case. Craven is now the sole defendant in this trial.  A report on his time in the witness box will be added shortly.

Fraud trial@St Albans Crown Court – Bordeaux Wine Trading Company

Château Lafite and other first growths: clients ordered, paid but company didn't place orders

Long day@St Albans Crown Court with three witnesses appearing on the third day of the trial of Paul Craven and Oseghale Hayble accused of fraudulent trading with respect to the Bordeaux Wine Trading Company. The crown prosecutor is Ann Evans, Samantha Cohen is defending Paul Craven and John Femi-Ola is the defence for Oseghale Hayble. His Honour Judge John Plumstead is hearing the case. 

Among those giving evidence today was Frederick Achom, who testified that he was the owner of the Bordeaux Wine Company. The trial started last Thursday.

The Bordeaux Wine Trading Company

I have received a number of comments and enquiries about last year's trial and have reported that Benedict Moruthoane was found guilty and jailed for 7.5 years for his part in The International Wine Commodities and Templar Vintners fraud. 

With respect to the Bordeaux Wine Trading Company there is to be a retrial in June. As I have no wish to publish anything that might prejudice this trial, I have decided that I will not publish any further comments at this time.     

Fraud trial@St Albans: jury is still out

The jury is still considering its verdicts in this case. They retired on Monday 13th and have now been allowed by Judge John Plumstead to return majority verdicts.  

Fraud trial@St Albans: jury retires

I understand that the jury retired around 10.30am yesterday morning to consider their verdicts.

No news so far (17.30 14th December) and Crown Court closes at 4pm, so I assume that the jury will continue their deliberations tomorrow.

Wednesay 15th (20.00): No news so I assume the jury is still out and will continue their deliberations tomorrow.

Fraud trial@St Albans: closing speeches

Following the disruption last week to transport caused first by the tube strike and then the snow I wasn't able to get up to St Albans to catch up with the case until this morning.

All the evidence has now been given and closing speeches have started. I heard part of Anne Evans, concluding remarks for the prosecution this morning. She was due to continue this afternoon with the first of the defence speeches starting later today. With the court tomorrow only sitting in the morning, closing speeches won't be finished until sometime on Thursday and then His Honour Judge John Plumstead will be summing up and issuing his directions to the jury, which is now down to 11 members. It looks like the jury will retire to consider its verdict from Friday or Monday. Then it will depend upon how long they need to make their decisions, which may be sometime as there are six defendants. Also there are a number of charges for them to consider, so it may be Tuesday or Wednesday of next week at least before the jury decides on its verdicts.  

(I hope to add some detail from Anne Evans' concluding speech as well as from Paul Craven's evidence earlier in the trial.)

Fraud trial@St Albans: tube strike and weather KOs visit

Apologies to anyone awaiting news on the trial's progress. It was my intention to go to court this morning as the trial was due to resume at 10.30. Unfortunately the 9.45 from London Bridge to St Albans was cancelled and the 10.00 wasn't expected to arrive until 10.27, so I wouldn't have got to court until around 11.30. Unfortunately I doubt if I now have time to get up there until next Tuesday,  

Fraud trial@St Albans: the jury have a week off

The jury has this week off because Oseghale Hayble, one of the defendants, has gone to the Whittington Hospital in north London as his sickle cell anaemia has apparently returned. The trial is due to resume on Monday 29th November.

I understand that Craven and Cashman have completed their eveidence and that Hayble's barrister has indicated that his client will not be giving evidence. Moruthoane and Linskill have yet to give their evidence. Once they have done so, it will be time for the closing speeches from the prosecution and the five defendants' barristers before Judge Plumstead sums up and issues directions to the jury. My guess is that the trial is now unlikely to finish before the week beginning 6th December.   

Fraud trial@St Albans: Paul Craven cross-examined

3rd November 2010

I spent this morning in St Albans Crown Court where Paul Craven, one of the defendants was cross-examined by Mr Davis, barrister for Niklas Cashman another of the defendants.

Mr Davis took Craven through his spending – holidays, cars, diamonds, watches, clothes etc. –  while at a the Bordeaux Wine Trading Company referring him to a number of bank accounts.  

The trial is expected to last at least another two weeks.

Fraud trial@St Albans: 'There seemed to be a never ending supply'

Stephen Creaton 

In the second half of last Friday's morning session prosecution witness Stephen Creaton, a tele salesman, gave the first part of his evidence. Creaton described how he had been employed by a number of wine investment companies.

He started with the Bordeaux Wine Company where he worked from approximately April 2006 to October 2006. As he had no previous experience of the fine wine industry – "I'd never worked in wine before" – much of his time at BWC was spent being trained by Anthony. The software programme used was Goldmine, which is a way of keeping a record of calls to customers.

Mr Creaton said that at BWC there was a senior sales team, which consisted of two women, and a junior team which consisted of between 8-10 people. Oseghale Hayble, one of the defendants, was the manager of the junior sales team. Creaton's pay at BWC was £25,000 a year basic then a commission rate that ranged from 2%-4%.

In October 2006 Hayble invited Mr Creaton to join the Bordeaux Wine Trading Company, a new wine investment firm selling en primeur Bordeaux and based in Potters Bar. Creaton moved companies as BWTC was closer to his home and the money was better: £1000 a month retainer and 10% commission once you had earned £1000. It was a two room office operation with the offices separated by a long corridor and a number of other offices that were quite independent of BWTC. The larger room was the salesroom with 9-10 telesales staff. Paul Craven, one of the defendants, was usually in the small office along with a girl who handled the admin.

The sales staff cold called potential investors using a three-page script. Hayble gave  Mr Creaton his script. Although Mr Creaton got on well with Hayble the relationship with Craven was more difficult. "They were like chalk and cheese. Craven was rash and harsh – always looking for money. No pleasing him. If you weren't on the phones he wanted to know why."

Creaton became unhappy with the job. The whole set up started to ring alarm bells. This was crystalised when Craven said he was going to Bordeaux to pick up wine. "Although I didn't know all the ins and outs I knew you couldn't just go to Bordeaux to pick up wine as everything goes through the négociants. It wasn't quite right and I was concerned. I stopped selling and started to look for an exit."

Creaton was 'let go' in Spring 2007 and went to work for a family run wine investment business based in Edgeware. He worked in the back office sending out cheques covering for someone who was off on maternity leave. He stayed four to five months.

Creaton received a call from Hayble who told him that he was no longer with Craven and that he was setting up International Wine Commodities Ltd in Wheatstone, although they had a Mayfair postal address. Commission was 10% up to £25,000, 15% from £25,000-50,000 and 25% thereafter. Hayble's partner in IWC was Benedict Moruthoane, another defendant. Creaton said that Moruthoane was the "silent partner" in IWC.

At IWC there was a white board on which the wines they had to push were marked up and the sales team would cross off cases as they sold them. At BWTC there had been an unchanging list of the five First Growths. "The wines stayed the same," said Creaton, "although the price would change. There seemed to be a never ending supply. There was never a stop point."

Creaton explained that he didn't use his own name because business cards had aleady been printed with another person's name and that their elderly customers preferred to deal with someone with an Anglo-Saxon name.

Mr Creaton worked at IWC until the company was raided by Hertfordshire Police who closed down the company. Hayble claimed that this was "a bit of a mistake" and that the police had confused BWTC with IWC. 

Creaton was due to be cross-examined on Monday but I wasn't at the court.


 



       

Fraud trial@St Albans

Wine investors ‘defrauded of £2.5 million’

The trial of six people involved in three allegedly fraudulent wine investment companies started in St Albans Crown Court this week. The three companies were the Bordeaux Wine Trading Company, International Wine Commodities Ltd and Templar Vintners Ltd.  There are a number of charges. Niklas Cashman, Paul Craven, Oseghale Hayble and Benedict Moruthoane are charged with conspiracy to defraud. Benedict Moruthoane and Andrew Griffiths are charged with fraud and Anita Lanskill with transferring criminal property. Although the case is linked, it is believed that none of the defendants was involved in all three companies. All the defendants have pleaded not guilty to the charges. 

Investors were persuaded by cold calling telesales staff to invest in Bordeaux en primeur mainly 2005 First Growths. Although the victims paid a total of £2.5 million, it is alleged that the companies only ever bought one £10,350 case of wine. No other orders were placed. 

Instead the defendants spent the money on luxury goods, including flash cars and designer watches. The court heard today of a spending spree by 37-year old Paul Craven, who ran the Bordeaux Wine Trading Company. In October 2006 he bought BMW convertible for £20,600. In November he spent over £16,000 on various items in Selfridges including Ozwald Boateng clothes and Cartier watches. In January 2007 Craven bought an electric wine cooler (£1225) as well as a Jacuzzi bath and bathroom TV. 

In October 2007 Craven bought a black RR sport Land Rover for £55, 700. The next month he splashed out on a black BMW sports convertible for his girlfriend paying £32,162 on the spot by debit card.  The saleman described Craven as 'very cocky and loud – a Jack the lad'. 

Shortly afterwards the couple split up. Craven contacted the garage and inquired about selling the BMW back to them but he never came back into the garage to pursue the enquiry further.     

The court also heard part of the evidence of Stephen Creaton, a tele salesman who worked for both the Bordeaux Wine Trading Company Ltd and International Wine Commodities Ltd. He will be cross-examined on Monday.

The trial continues and is expected to last four to five weeks. 

Bordeaux Wine Trading Company and International Wine Commodities: trial postponed

The trial at St Albans Crown Court of the directors of these two companies has been postponed until 11th October to allow the prosecution to add Templar Vinters Ltd to the proceeding.

Bordeaux Wine Trading Company and International Wine Commodities: June trial

The combined trial of the directors of these two wine investment companies is due to start at St Albans Crown Court on Monday 7th June.

Bordeaux Wine Trading Company Ltd:

Directors Paul Craven, Niklaus Cashman & Oseghale Hayble were arrested in June 2008. They were charged in March 2009 with conspiracy to defraud, and money laundering.  

International Wine Commodities Ltd

Directors Oseghale Hayble and Benedict Moruthoane were arrested in October 2008. They were charged in June 2009 with conspiracy to defraud and money laundering.  

All the defendants have pleaded not guilty.

  

The investigation into the two companies and their directors is being conducted by the Economic Crime Unit of Hertfordshire Police.