For his combined crimes, John Fox probably faces a maximum of six and a half years in prison and is on the hook to pay $45 million in restitution.
The owner of Premier Cru purchased much of his fine wine on the gray market.
John Fox, the embattled co-owner of Premier Cru, faced some of his long-time customers at a creditors' hearing in Oakland.
For 35 years, Premier Cru, a retail store on University Avenue, was a place to which wine lovers turned to find Bordeaux and Burgundy at a discount. Advertising its wares as 10% to 15% lower than other high-end wine stores, Premier Cru drew customers from around the globe
The FBI is investigating claims of a Ponzi scheme involving the Berkeley wine company Premier Cru.
As the Chapter 7 bankruptcy case of the Berkeley wine store winds its way through court, significant details emerge about its operations.