Fraudster Alistair Greig guilty of 'shocking' £13m investment 'lie'

Alistair Greig had denied the offences

A financial services director has been found guilty of conning investors out of millions of pounds in one of the biggest frauds of its kind in Scotland.

Alistair Greig, 66, who ran Aberdeen-based Midas Financial Solutions (Scotland), fraudulently obtained £13m.

The High Court in Edinburgh heard that some investors lost their life savings.

Judge Lord Tyre said it had brought misery to a large number of people. "It is a conviction of fraud on a truly shocking scale," he said.

Sentence was deferred, but the judge warned: "There is likely to be very little alternative to a lengthy period in custody."

Luxury lifestyle

Greig told his own clients and advisers that he had access to a high interest account because of his connections.

Investors were led to believe that their money was safe in secured deposits with a guaranteed return.

The court heard that some clients received payments under the scheme he ran but the cash was coming from money deposited by other investors.

While the money came in Greig - formerly of Cairnbulg, in Aberdeenshire, but latterly of Kirkton, Boston, in Lincolnshire - funded investments in property, including a holiday home in Cornwall, and a classic car business.

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He treated himself to Bentley and Range Rover cars, and spent lavishly on trips to Old Trafford to see Manchester United and to Cheltenham and Ascot for horse racing meetings.

'Personal slush fund'

Prosecutor Steven Borthwick told the High Court in Edinburgh: "In some cases these were the life savings of people who had worked all their lives and saved to create a nest egg for their retirement.

"Alistair Greig used that money as his own personal slush fund."

The advocate depute said: "It seemed from the outside that the scheme was working as advertised but that was also a lie and that lie helped promote and prolong the big lie told by Alistair Greig."

"There were lies told by Alistair Greig to different people at different times over years with the same purpose - to put their trust in him so they would hand over their money."

Greig, who had denied committing the fraud and blamed a former business associate for the losses, claimed he felt sympathy for the victims.

He told his trial: "My heart goes out to all of them. There is nothing I can do. I have lost every single thing I had, the properties, my home, everything. I know exactly how they feel. It has happened to me."

One man told the court that as a result of the fraud he was unable to move abroad with his wife who has cancer.

Sentence was deferred to the High Court in Glasgow on 15 April.

Det Insp Ian Whittle of Police Scotland said: "The scale of his deceit and greed is immeasurable and I welcome today's outcome in court."