Two defendants in this case have pleaded guilty to three counts of fraudulent trading as were found to have grossly misused Government grants with one reported to have funded a lavish lifestyle. No such plant was developed to breed worms for fishing bait and to boost the local economy.
Promises of investment opportunities can be made not only to individuals but businesses and government bodies. No-one is immune to a misuse of their funds and with sentencing in this case taking place next month this is a reminder of how investments of this nature can be misused and hurt the public in other ways.
A conman is facing jail after he claimed up to £4.7million of European Union and Welsh Government grants by falsely saying he was developing a plant to breed worms for fishing bait. Anthony Smith, 72, was paid millions of pounds in grants to develop alternative fish foods bring prosperity and jobs to Port Talbot and Pendine. The funds were meant to be allocated towards developing a plant to breed ragworms for trout food. Smith made "false-promises" of creating 120 jobs, but it's been revealed that Smith had misused the funds and only seven jobs were created. After being given the £4m grants, Smith went on holidays to Bali and Hawaii and drove a Porsche and Lamborghini.