Newport man jailed for £248k fraud

Newport man jailed for £248k fraud

Dewi Smith (4924587)

Dewi Smith arriving at Cardiff Crown Court (4917048)

First published in News
Last updated
South Wales Argus: Photograph of the Author by , South Wales Argus reporter

A NEWPORT man, who fraudulently gained almost a quarter of million pounds, has been sentenced to 30 months after spending almost all of it at an "astonishing burn rate" on a luxury spending spree.

Dewi Smith, 26, of Hoskins street Newport appeared at Cardiff Crown court on Thursday, after pleading guilty to two counts of dishonestly making false representation to make gains for himself.

The court heard how both offences were committed in a similar way and with the help of an accomplice who Gwent Police are still looking for.

The first fraud was against the De Vere Hotel Group in March 2012. A person responsible for making payments was contacted by someone asking that the usual payment of £98,000 be made to a new account. Satisfied by the email address with a domain bought by Smith, the payment was made.

Prosecutor John Probert said: “It is now known to have been made into a bank account which was registered to Dewi Smith.”

The second fraud was against Tata Global Beverages where through similar means, £150,000 was paid another of Smith's accounts.

On February 18, 2013, Smith was arrested. In interview he said he only became aware of what was going on when there was a lot of money in his account. He was released on police bail, but on September 10, 2013 he was arrested again and questioned about the Tata offence.

The court heard how after the De Vere payment, Smith’s bank balance dropped from £98,000 to £18,000 in two weeks – by which point his account was restrained.

Transactions details read by the prosecution from Smith's other account- used for the Tata fraud- showed £12,000 spent at a jewellery shop, £3,000 in an Apple store, more than £70,000 spent on two Land rovers, almost £3,000 in a Gucci shop, £5,000 transferred to Smith's girlfriend and £13,000 spent in a Cardiff casino.

The full £150,000 was all spent in around 10 days. Judge Crowther called this an "astonishing burn rate".

The prosecution maintained Smith was the major beneficiary of the total £248,000.

The court heard how Smith had 11 previous convictions including a false representation case in August 2010 which concerned credit card fraud.

A sum of £69,000 in Smith’s account has been restrained by Gwent police and a confiscation order under the Proceeds of Crime Act has been applied for.

Defending, James Tucker, said:"This is related to his past. It is difficult to imagine such a fraud can be created by just two people. The defendant on his own is the only one standing in the dock who will receive a custodial sentence.

"The profit he made on this fraud is reflected in the price he will pay today.”

Judge Crowther said the degree of planning, sophistication and the fact he did it out of sheer greed for a lifestyle he was unprepared to work for, were all aggravating features. He said the fact the two companies were not vulnerable victims was not mitigation.

Judge Crowther said: "You used the money to live life high. You were the major beneficiary it seems, of the cash that came into your account.”

Smith was sentenced to 30 months for each count, to be served concurrently - half in prison and half on license.

Comments (10)

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11:02am Mon 31 Mar 14

gathin says...

What a devious but clever individual.
Get a job with pooport council on your release- you'd go a long way!
What a devious but clever individual. Get a job with pooport council on your release- you'd go a long way! gathin
  • Score: -9

11:18am Mon 31 Mar 14

Matty639 says...

So he's got 15 months inside for stealing £250k. Hardly a deterent, why haven't they seized the money he sent ot his missus and charged her as well? Where are the two Land Rovers? the Apple Products? the jewelery? surely they can be seized and used to return some of the money back to the companies involved?

If he's still got them then I'd say he's done very nicely for himself at the cost of two very niave companies.
So he's got 15 months inside for stealing £250k. Hardly a deterent, why haven't they seized the money he sent ot his missus and charged her as well? Where are the two Land Rovers? the Apple Products? the jewelery? surely they can be seized and used to return some of the money back to the companies involved? If he's still got them then I'd say he's done very nicely for himself at the cost of two very niave companies. Matty639
  • Score: 17

11:57am Mon 31 Mar 14

broadjustice says...

I wouldn't call him clever at all, anyone could have done what he did, you just needed to dig at the companies finances. The stupid thing he did was have the money wired to his own account. If natural selection was legal, this bright spark would be one of the first.
I wouldn't call him clever at all, anyone could have done what he did, you just needed to dig at the companies finances. The stupid thing he did was have the money wired to his own account. If natural selection was legal, this bright spark would be one of the first. broadjustice
  • Score: 7

12:00pm Mon 31 Mar 14

gathin says...

Should have left the country-I know, but still a good effort on his part.
He could have legged it somewhere sunny instead of blowing it in the UK.
6/10 for effort at least!
Should have left the country-I know, but still a good effort on his part. He could have legged it somewhere sunny instead of blowing it in the UK. 6/10 for effort at least! gathin
  • Score: 5

2:20pm Mon 31 Mar 14

PontyPeter says...

Matty639 wrote:
So he's got 15 months inside for stealing £250k. Hardly a deterent, why haven't they seized the money he sent ot his missus and charged her as well? Where are the two Land Rovers? the Apple Products? the jewelery? surely they can be seized and used to return some of the money back to the companies involved?

If he's still got them then I'd say he's done very nicely for himself at the cost of two very niave companies.
"...a confiscation order under the Proceeds of Crime Act has been applied for."
[quote][p][bold]Matty639[/bold] wrote: So he's got 15 months inside for stealing £250k. Hardly a deterent, why haven't they seized the money he sent ot his missus and charged her as well? Where are the two Land Rovers? the Apple Products? the jewelery? surely they can be seized and used to return some of the money back to the companies involved? If he's still got them then I'd say he's done very nicely for himself at the cost of two very niave companies.[/p][/quote]"...a confiscation order under the Proceeds of Crime Act has been applied for." PontyPeter
  • Score: 8

5:08pm Mon 31 Mar 14

Matty639 says...

PontyPeter - From the way I read the article that seems to only apply to the remaining funds within his account rather than the assets that he has bought with the money.
PontyPeter - From the way I read the article that seems to only apply to the remaining funds within his account rather than the assets that he has bought with the money. Matty639
  • Score: 3

7:03pm Mon 31 Mar 14

rightsideup says...

15 months for £248K..............
sign me up!.................
......
15 months for £248K.............. sign me up!................. ...... rightsideup
  • Score: 12

8:36pm Mon 31 Mar 14

bugsy93 says...

Why work for a living and get constantly kicked up the backside for doing so, when you can earn money like so easily?
And they say "crime don't pay"
Why work for a living and get constantly kicked up the backside for doing so, when you can earn money like so easily? And they say "crime don't pay" bugsy93
  • Score: 1

3:44pm Tue 1 Apr 14

jimmysmith says...

could become a leading politician with those credentials on his release
could become a leading politician with those credentials on his release jimmysmith
  • Score: 3

3:52pm Tue 1 Apr 14

caerphillygirl!!!!!!!!!!! says...

U should personally know him!!!!!!!!!!!!!!!!!
!
U should personally know him!!!!!!!!!!!!!!!!! ! caerphillygirl!!!!!!!!!!!
  • Score: -7

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