John E. Fox could face as much as 20 years in prison and a $250,000 fine for defrauding his clients over a period of six years.
John Fox, the embattled co-owner of Premier Cru, faced some of his long-time customers at a creditors' hearing in Oakland.
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.
The wine company claims it has more than $70 million in debts but only $7 million in assets, most of it wine, and leaves nearly 1,000 customers in the lurch.
Seven disgruntled customers have filed lawsuits against Premier Cru, a high-end wine store on University Avenue.