CWM Fraudster Jody “Smart” Jailed in Spain

ALICANTE CRIMINAL COURT CASE

CWM fraudster Jody Smart has been convicted and sentenced to jail in Spain. Jody Smart of Continental Wealth Management (CWM) has been found guilty of fraud in the Alicante criminal court. The judge found she was responsible for deliberately swindling £370,000 out of two victims – Tim and Sally. And a third victim also lost £800,000 but sadly passed away several years ago.

DENIA CRIMINAL COURT CASE

Ironically, Jody – along with Stephen Ward of Premier Pension Solutions – escaped prosecution in the simultaneous criminal trial in the Denia criminal court. This had been for a £100 million fraud committed against 1,000 victims – represented by 17 individual lead complainants.

In the Alicante court proceedings, Jody Smart appeared as defendant alongside her accomplices Alan Gorringe (Company Secretary of CWM) and Patrick Kirby (brother of Darren Kirby). But, Alan Gorringe died and Patrick Kirby escaped.

ABOUT JODY SMART THE CONVICTED FRAUDSTER

Former “fashion designer”, swimming pool cleaner, porn model, would-be actress (“Drug Dealers Birds”) Jody stood alone in the dock – convicted of continuous crimes of swindling, fraud and misappropriation. Also mentioned in the judgement were the crimes of obtaining an illicit financial benefit for the company and for herself.

HOW JODY SMART’S FRAUD WORKED

The court heard that in 2017 Jody convinced one victim – Tim – to pay CWM £299,000. CWM had promised him that they would use his money to buy him a house on the Costa Blanca. Jody instructed Tim to pay £99,000 to CWM and £200,000 to Christine Walker – wife of a CWM employee Eddie Walker.

But when Tim went to sign for the purchase of the house, Jody demanded even more money. She informed him that he had lost all the money he had originally paid. He therefore lost both the house and his £299,000.

Also in 2017, Jody gave the other complainant, Sally, a job as an admin assistant. Jody then swindled her into “lending” €70,000 to the company. Jody promised that she would repay the loan in 12 monthly instalments plus interest – totalling €75,600.

However, as the company was on the brink of failure anyway, Jody sacked Sally a month later. Then she informed her that CWM was closing. Jody never repaid the loan.

THE ALICANTE COURT JUDGEMENT

The Alicante court judgement held Jody criminally responsible for the crime of continuous fraud. Jody tried to claim that it had been her partner Darren Kirby and Alan Gorringe (Company Secretary) – who were responsible. She said they had managed the day-to-day operations of the company.

But the court ruled that this attempted defence was inadmissible. The sole director cannot exempt or exonerate themselves from the responsibility or criminal liability for the activities of the company. The judge was aware that Jody had “closed her eyes” to the fraudulent activities of Darren Kirby and Alan Gorringe. But Jody chose to ignore them because she was benefitting personally (and “succulently”) from their activities.

The court ruled that Jody had deliberately concealed the fact that Tim and Sally would never get their money back. So this constituted swindling, deception and clear fraud.

JODY SMART’S CRIMINAL SENTENCE

Finding Jody guilty, the judge sentenced her to four years and three months in prison. He also ordered her to pay back the money swindled out of Tim and Sally. Plus a further fine. Plus legal costs.

THE EVEN BIGGER FRAUD

But this is far from the end of the story. This trial only covered a tiny portion of the fraud perpetrated by Jody Smart and her various accomplices. In addition to defrauding Tim and Sally, Jody defrauded 998 other victims out of their pensions and life savings. This ruined many lives and caused several deaths.

In the two years while CWM was finally collapsing, Jody paid herself at least €996,435.86 from one CWM bank account. Plus, Jody and CWM received a total of €3,391,876.28 in commissions which they concealed from the victims. This money came out of the investors’ own money. The only hint that Jody and CWM would receive these illegal commissions was in the client care documentation which stated:

“In most cases we are remunerated by the institutions we place business with.  The remuneration is typically paid by commission directly by the institution and recouped generally by annual management charges.“

This is a “half secret” commission. The fraudsters do not disclose how much commission they receive and how this will affect an investor’s portfolio’s performance. Fraudsters never explain to the victims that the commissions come directly out of the victims’ own funds. Victims themselves are unaware that they pay back the institutions through spurious and loaded “management charges”.

Fraudsters such as Jody Smart never explain that the reason for using an insurance bond is for the commission. The insurance bond in no way benefits the victims. And such fraudsters never explain that they choose every investment purely for the further commissions they earn.

JODY SMART’S ACCOMPLICES

So who else was complicit in Jody’s and CWM’s fraud? There is a long list of further accomplices:

• Darren Kirby – “shadow” (or “de facto”) director
• Alan Gorringe – company secretary (deceased)
• Dean Stogsdill – CWM adviser/salesman
• Anthony Downs – CWM adviser/salesman
• Neil Hathaway – CWM adviser/salesman
• Stephen Ward – Premier Pension Solutions
• Martyn Ryan – Global Financial Options
• Momentum Pensions – Malta
• STM Pensions – Malta
• Corinthian Pensions – Gibraltar
• Pantheon Pensions – Gibraltar
• Old Mutual International – Isle of Man and Ireland
• Generali – Isle of Man and Ireland
• SEB – Ireland
• …and many others….

All directors of the above companies (and more) are also criminally liable for their part in Jody’s/CWM’s fraud. Jody will now face further criminal charges. She was clearly legally responsible for all CWM’s frauds. Not just the cases of the two complainants, Tim and Sally. They determinedly, bravely and successfully brought Jody to justice.