Scammer Jody Smart has reportedly lost her appeal against a fraud conviction for her involvement in the €35m Continental Wealth Management (CWM) pension scandal.
Smart, an ex-fashion model, was convicted of fraud earlier this year over the scandal, which saw hundreds of expats – mostly British – in Spain lose the majority of their pension savings.
Alicante-based CWM was not regulated to provide investment advice, but its executives convinced hundreds of expats to transfer their life savings into high-risk structured notes. Smart was the director of the firm, which collapsed in 2017.
Smart was ordered to pay victims €370,00 and serve three years and six months in jail, but she then appealed the verdict, which she has now lost, according to the Olive Press News. She could still appeal to the Supreme Court in Madrid.
