Ponzi scheme fraudster jailed for £13m fraud can only pay back £800

Lawyers for Alistair Greig say he "continues to deny his guilt" over the offences

A financial services director jailed for a £13m fraud has been ordered to hand back just over £800.

Alistair Greig, 69, masterminded a Ponzi scam which sucked in dozens of individuals to place their funds in "guaranteed" high-interest accounts.  

He was jailed for 14 years in 2020 - later cut to 10 years - for one of the biggest frauds of its kind in Scotland.

Prosecutors trying to recover his gains from crime said Greig only had £814.33 available to seize at this point.

Lawyer Dan Byrne told the High Court in Edinburgh the Crown would return to court if it discovered any more of Greig's ill-gotten gains.

Both the prosecutors and Greig's legal team agreed the businessman had made a total of £13,281,671.25 through the scheme between August 2001 and October 2014.

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During his trial in March 2020, jurors heard how Greig was using the cash to fund a lavish lifestyle of top-of-the range cars, holiday homes and trips to see English Premiership football matches.

Greig, formerly of Cairnbulg in Aberdeenshire, pretended to investors he would place money in a short-term deposit scheme with the Royal Bank of Scotland for fixed periods of time.

He was also convicted of breaching financial services and markets legislation and converting and transferring £5.7m in criminal property. He denied the offences.

The Crown listed a total of 165 victims of fraud on the indictment brought against Greig, who latterly resided in Kirkton, Boston, in Lincolnshire.

'Not an admission of guilt'

He used the proceeds to fund investments in property, including a holiday home in Cornwall, and a classic car business.

Greig also treated himself to Bentley and Range Rover vehicles, no-expense-spared trips to Old Trafford to watch Manchester United and race meetings at Cheltenham and Ascot.

During a short hearing on Monday, Greig appeared in the dock wearing a pin-striped suit. He sat beside two security officers.

Defence advocate Ronnie Renucci KC said Greig's decision to hand over the sum in the case was not an indication he had accepted his guilt for the offences.

He added: "It is not an admission of his guilt. The accused continues to deny his guilt for the offences in this matter.

"There's a potential appeal process in the background."

Lord Braid ordered the sum to be paid within six months of Monday's date.