A former investment broker has been found guilty of defrauding 2,000 investors in a whisky and Champagne con, according to press reports. The Financial Times reported late last week that Stephen Jupe, whose company took over £4m from investors, was found guilty of fraudulently trading on Thursday.

Jupe convinced clients that they were buying quality malt whisky and prestigious Champagne, the FT said. Marketing material claimed that the whisky could be sold after three years of maturing. When investors tried to realise their money, however, they found that there was difficulty selling, and that the whisky was actually worth half the amount investors had bought it for.

Jupe's Champagne scam centred on the likelihood that millennium celebrations would create a shortage and drive up prices. Jupe's company sold the Champagne at twice its real value.

The FT said that Jupe will be sentenced on 21 May.