Anthony Smith has been finally sentenced to three years and nine months in custody. According to a statement from the Crown Prosecution Service, he took part in a prolonged fraud over a five-year period to secure funds from the Welsh Assembly Government and European Union to develop a plant to process ragworms for bait and ponds in which to rear them. He falsely promised the enterprise would bring 120 new jobs and investment to Port Talbot and Pendine in Carmarthenshire but in reality, only eleven people were employed as a result of the fraud.

The court heard Smith has previously admitted three counts of fraudulent trading, which included falsely applying for grants that relate to the companies Dragon Research Ltd, Dragon Feeds Ltd and Dragon Baits Ltd for similar projects. Smith dishonestly ran Dragon Research Ltd with Colin Mair, who admitted one count of fraudulent trading. They were assisted by Keith Peters, now a retired chartered accountant, who admitted two counts of false accounting.