A solicitor has been jailed after he laundered the £200,000 proceeds of a fine wine scam, which targeted wealthy investors.

Michael Wilson was sentenced to three years imprisonment at the Old Bailey yesterday (Wednesday, June 23).

Wilson, of Perth Road, Leyton, was also banned from being a company director for seven years for his part in the con.

The 44-year-old had set up a firm named Global Wine Investments Ltd in October 2011 at lavish offices in the City of London to attract orders for cases of high-value wine.

But the company only spent a tenth of its income on stock, instead frittering the rest of the cash on wages, bonuses, luxuries and business costs.

Many of the victims never saw any wine at all and others were fobbed off with lower-quality bottles when they complained.

Other investors never received any wine at all despite investing thousands of pounds.

Wilson had blamed his team of salesman and claimed he was negligent rather than dishonest.

Bank records showed GWI accumulated £631,261 in credits between July 2011 and September 2012 but only £64,016 was spent on wine and £100,000 on business costs.

Another £21,089 went on 'lifestyle payments', £93,000 was withdrawn in cash and £150,000 was paid to individuals including Wilson and his staff.

He was convicted of possession of criminal property in April. Jurors failed to reach a verdict on a fraud charge and prosecutors chose not to take the case to a retrial.

A confiscation hearing, aimed at returning funds to investors, will be held next year.