Police have slammed the “immeasurable” greed of a conman who defrauded investors in the north-east and elsewhere out of more than £13 million.
Alistair Greig carried out a massive Ponzi scam sucking in dozens of individuals to place their savings in “guaranteed” high-interest accounts.
The 66-year-old used his ill-gotten gains to fund a lavish lifestyle.
He defrauded investors in Aberdeen, Aberdeenshire and Lincolnshire out of £13,281,671 over a period between 2001 and 2014 by taking money which he falsely claimed to have placed in high-interest bank accounts through his firm Midas Financial Solutions.
Greig, from Lincolnshire, was found guilty by a jury following a trial at the High Court in Edinburgh.
Following the conviction Detective Inspector Ian Whittle said: “Following an initial inquiry led by the Financial Conduct Authority (FCA), an investigation was launched by Police Scotland’s economic crime and financial investigation unit into Midas Financial Solutions and its director Alistair Greig.
“Given the scale – 182 investors in total, over a 13-year period – this was a complex and lengthy inquiry that was led in conjunction with specialists from the FCA as well as the Crown Office and Procurator Fiscal Service (COPFS).
“Greig portrayed himself as an honest and professional financial adviser to his victims, promising them guaranteed returns on their investments. Instead he abused their trust and breached his duties by using considerable sums of money to fund a lavish lifestyle.
“The scale of his deceit and greed is immeasurable and I welcome today’s outcome in court.”
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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.”
The advocate depute added: “Instead Alistair Greig used that money as his own personal slush fund.”
Greig, who ran Aberdeen-based Midas Financial Solutions (Scotland), had denied committing the fraud but was unanimously found guilty of it and two further offences.
A judge told him: “It is a conviction of fraud on a truly shocking scale”.
The judge jailed Greig, who was on bail throughout his trial, as he adjourned the case for the preparation of a background report ahead of sentencing next month.
Lord Tyre told him: “There is likely to be very little alternative to a lengthy period in custody.”
The Crown has raised proceedings against Greig for a confiscation order to claw back crime profits.
The court heard some clients were paid out under the scheme but the cash was coming from money deposited by other investors.
But Mr Borthwick maintained this was all part of “the big lie” told by Greig to continue his fraud.
While the money came in Greig – formerly of Cairnbulg, in Aberdeenshire, but latterly of London Road, Kirkton, Boston, in Lincolnshire – funded investments in property, including a holiday home in Cornwall, and a classic car business.
He also treated himself to high-end Bentley and Range Rover vehicles and spent lavishly on trips to Old Trafford to see Manchester United and to Cheltenham and Ascot for horse racing meetings.
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