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Aberdeenshire Midas victims issue plea to others to join them in legal action

Colin Stewart has urged others affected by the scheme run by Midas Financial Solutions to join the legal action
Colin Stewart has urged others affected by the scheme run by Midas Financial Solutions to join the legal action

A group of victims who lost money in an alleged fraudulent investment scheme have issued a plea to other investors to join them in taking legal action.

Colin Stewart, whose parents were among the 180 investors who lost an estimated £9million, has urged others affected by the unauthorised investment scheme run by Midas Financial Solutions to join the legal action in an effort to recoup their losses.

Mr Stewart has warned that investors face a statute of limitation of six years, which he believes has started counting down when people invested money with the Aberdeen-based financial firm and not when the police investigation was launched last year.

He added that 40 people have joined forces in the group.

Mr Stewart said that the group is taking legal action to “help in trying to get your money back” and has instructed solicitors.

In a letter posted on a website, Mr Stewart said: “There are now over 40 people that were affected have now joined the group, most of whom have signed with solicitors chosen by the members.

“We have already instructed solicitors. We have to take action now, waiting until the police have finished their criminal investigation is not an option.”

The Press & Journal revealed that Aberdeen-based Midas Financial Solutions (Scotland) and “independent financial advisers attached to that firm” became the centre of a criminal investigation last year.

Police confirmed that as many as 180 investors had money in the scheme with Midas.

Officers got involved after being alerted by the Financial Conduct Authority (FCA), which had started an investigation into the firm’s activities in August.

Police have advised victims that they are unlikely to get their money back.

The FCA said money which investors had been handing over to advisers associated with Midas for years was not covered by compensation schemes because neither Midas nor its advisers were ever authorised to accept deposits.

Police Scotland we unavailable for comment.

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