Smith is now facing up to two years in jail for contempt of court.
He was previously jailed for eight years in 2006 for channelling funds from IT company Izodia into his investment business, Jersey-based ORB Group.
Following his release, however, it emerged that he had lived a life of luxury, having blown millions on fine art, flights and jewellery, among other extravagances.
Pictured: Renoir, Rodin, Degas, Matisse and Dali are all among the painters of whose work Smith acquired.
Following a legal fight last year, the Serious Fraud Office secured control of his assets. In April, they were reported to have opened committal proceedings against Smith.
He is now being accused by the SFO of taking £30,000 from two bank accounts between February and September 2021.
Richard Thomas QC, Smith’s legal representative, told Judge Andrew Baker during the recent High Court hearing that Smith “accepted the breach” but did not “agree with the SFO about his state of mind at the time”, according to Law360.
The SFO is being represented by Kennedy Talbot QC.
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