A British man has been jailed in New York after pleading guilty to involvement in a $US99.4 million ($151 million) fine wine fraud scheme and may face over a decade in prison.

James Wellesley, 59, pleaded guilty on Tuesday, local time, to a wire fraud conspiracy before US District Judge Pamela Chen in Brooklyn, court records show.

His business partner, Stephen Burton, is also being held in Brooklyn after pleading guilty to the same charge in July.

Prosecutors said Wellesley and Burton, posing as executives at London- and Hong Kong-registered Bordeaux Cellars, raised $US99.4 million by promising loan investors they would receive regular interest payments from "high net worth" wine collectors.

The defendants claimed the loans were backed by an inventory of more than 25,000 bottles of win

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