2025-06-15T07:52:26Z

---

After years of dedicated work, meticulous saving, and strategic investments, Alan Brozel achieved a long-cherished dream when he retired at the age of 50. He and his wife, Paulene, 63, made the significant decision to leave their life in north London behind, settling in a spacious villa on Spain's stunning Costa Blanca. However, over two decades later, at 74 years old, Alan finds himself back in the workforce, now cleaning holiday villas, pet-sitting, and driving friends to the airport just to make ends meet.

This reality starkly contrasts the luxurious retirement filled with global travels that Alan and Paulene had envisioned when they left their home in Barnet back in 2000. Alan, a father of two grown sons, now resides in a modest two-bedroom home in Gata de Gorgos, a far cry from the life they had imagined. He was one of hundreds, if not thousands, of British expatriates, primarily of pension age, who were cheated out of a staggering €34 million by the fraudulent investment firm Continental Wealth Management (CWM).

Alan invested his life savings, amounting to £150,000, which he had carefully built up over the years into a private pension with CWM. He was assured that his substantial pension pot would serve as a safety net for his future and that of Paulene. CWM promised low-risk investments in bonds and precious metals like gold and silver, yet these promises turned out to be empty. Instead, they allegedly forged Alan's signature on documents that authorized high-risk, reckless investments with his money.

Reflecting on his experience, Alan told MailOnline, 'This was my whole pension, the whole lot. I'd only worked for a couple of companies, and they had invested wisely, so the pot was substantial. I expressly told CWM I didn't want my money risked at all; they promised me low-risk bonds and instead forged our signatures to invest in high-risk alternatives.' This betrayal has forced him back into a life of labor, where he juggles cleaning duties and pet care just to survive.

Alan's dream of a carefree retirement was shattered when he learned in September 2017 that CWM had gone bankrupt, taking all of his savings with it. In the aftermath of the company's collapse, he faced the harsh reality of delayed and decreased payments, which ultimately stopped altogether. Following years of legal battles, Jody Smart, the only director of the company prosecuted, was convicted of fraud last month. Despite the conviction, she continues to operate her business, Oceana Club in Benissa, while appealing her sentence.

Alan expressed his frustration regarding the judicial process, stating, 'She’s an absolute con artist. When they walked out of court, I completely lost my temper. They should never have been allowed to get away with it.' Sadly, many of the victims in this case were pensioners, with some having lost their lives due to the unbearable stress of financial ruin. Alan’s tale is just one among many; others like Marie Noonan, 57, who moved to Calpe from Bournemouth in search of a peaceful life, were also deceived by CWM's polished presentations and assurances.

Marie invested £22,000, an inheritance from her parents, after being lured by CWM’s seemingly professional operations. She shared her emotional turmoil upon discovering the truth: 'When I found out what happened, I just started shaking and went ballistic. It wasn’t just about me; it was about everybody else. It broke my heart.' Many victims, like Marie, have formed a support network to pursue legal action against the company's former executives, driven by a shared sense of betrayal and loss.

The aftermath of this scandal has significantly impacted the expat community in Spain, prompting a united front against fraudulent practices. Victims like Alan and Marie express their disbelief at how such scams could proliferate unchecked, reluctant to discard their dreams of a retirement abroad despite their traumatic experiences. Alan poignantly remarked, 'This isn’t what I envisaged when we came out here. There are times we have considered going back to the UK because our income had disappeared.' The struggles faced by Alan, Marie, and others highlight a pressing need for regulatory reforms within the investment industry, particularly for vulnerable expatriates seeking a peaceful retirement.