by Keith Hunt and Ed McConnell

A wine broker lived a luxury lifestyle by defrauding investors out of almost half a million pounds, a court heard.

Harry Mosley and others cold-called customers on behalf of his company Optimum Fine Wine and cheated them out of portfolios or large amounts of cash, it was alleged.

Maidstone Crown Court was told they had been promised profit in return for buying, swapping or selling wine through the company.

But the clients, many of whom were elderly, received little or no money from sales of their own wine collections, and wine they bought or swapped never materialised, said prosecutor Dale Sullivan.

Instead, director Mosley, 25, “cut and run” and spent the money on high living.

He splashed about £100,000 at bars, restaurants and hotels and bought luxury goods and designer clothes.

Mosley, of Bradbourne Vale Road, Sevenoaks, denies two charges of conspiracy to commit fraud by false representation.

He admits two other fraud conspiracy charges on “a limited basis”.

His alleged cold-calling team, Bradley Deadman, 23, of Lodge Road, Tonbridge, and Lewis Hearson, 22, of Dowgate Close, Tonbridge, deny four charges of conspiracy to commit fraud by false representation.

Mr Sullivan said Mosley also gambled just over £57,300 on spread betting, took a holiday in Dubai and gave his girlfriend £23,320.

The evidence showed he paid himself £112,000 and sold a luxury Bentley car.

Some customers lost entire wine portfolios after they were sold on by the company to wholesalers.

One, aged 84, handed over £227,660 for wine to be purchased and then held in warehouse storage at London City Bond, but none was bought and no money was refunded.

Another who agreed to swap his collection with others through the company transferred more than £56,000 in wine, but only two cases were delivered to his account and he lost just over £49,000.

Mr Sullivan said 15 customers were duped by the company between September 2012 and May 2014, losing a total of £458,922. At least two had since died.

Optimum Fine Wine was set up in September 2012 by Mosley helped by a £61,000 loan from his parents.

It was first based in Croydon, Surrey, and then moved to Wellington House in Church Road, Tunbridge Wells.

One of the alleged victims - an 84-year-old man who handed over more than £200,000 - said if his wife had been alive it would have never happened.

Peter Whiteley, who lives in supported accommodation in Suffolk, said he was first contacted by Mosley about an investment opportunity and was put in touch with his colleague 'Henry Croft'.

Mosley explained Croft, an alias used by Deadman, was very knowledgeable and had earned the nickname 'Crafty Crofty'.

Through a series of deals Mr Whiteley handed over £205,460 but no wine was purchased and he never received a refund.

Giving evidence at Maidstone Crown Court he said he thought investing the money he had got from the sale of his flat in wine was a sensible move, adding: "Had my wife been around she certainly would not have let me. I don't know what she would have done to stop me apart from killing me."

The trial continues.