Alan Brozel from Barnet took early retirement at 50 so he could enjoy a new life in Spain with his wife but is now having to supplement a £600 state pension with work
A British expat living out his days in Spain has been forced back into work as a cleaner and driver after he lost all his hard-earned pension. Alan Brozel, moved to Gata de Gorgos on the Costa Blanca with his wife Paulene after taking early retirement at 50. The former Barnet resident’s dreams turned into a nightmare, however, when Alan lost his pension pot to Continental Wealth Management (CWM).
The company that collapsed after allegedly taking more than £150,000 from him. Speaking about his ordeal, he said: “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.” He had instructed CWM to invest his money in low-risk opportunities, but claims that “they forged our signatures to invest in high risk,” reports Manchester Evening News.
Initially, CWM seemed to deliver, providing dividends as expected, but over time, the payments dwindled and became erratic.
Alan explained his previous expectations: “The idea was we would all give up work and have numerous holidays around the world and the investment money would help cover that.”
Now 74, Alan is surviving on a £600 state pension, supplemented by odd jobs. He shared his current situation with the MailOnline: “Now I’m 74, and I’m still working cleaning villas and looking after dogs in our house,” adding, “here is no sign of me stopping. Paulene is still working too.”
Alan and Paulene face little chance of recouping their investment after one of CWM’s former directors, ex-model Jody Smart, was convicted of fraud last month.
Before the trial could start, Company Secretary Alan Gorringe passed away and the location of another director, Darren Kirby, remains a mystery.
An unnamed source told expat newspaper Olive Press that Kirby might have made his way back to Britain, noting: “A judge is dealing with this and it’s under legal review. We understand he is currently in England.”
Alan furiously branded Smart “an absolute con artist,” lamenting the loss of his life savings to CWM, a plight made worse by the fact that he had confidently recommended the firm to several friends.
Scores of individuals, predominantly British expats, put their money into CWM.
One distressed pensioner confided to the Olive Press about losing €210,000 out of an investment of €470,000 in what were promised as “low to medium risk” ventures.
He revealed: “I was asked, ‘Can you sign this blank form. We will fill in the details.’ I did that trusting they would act in my best interests.”
He added: “They should have been looking out for me and they were just feathering their own nests. To me they knew what they were doing.”