A lawyer representing a prolific north-east conman is “hopeful” that his client will soon settle a proceeds of crime action, a court heard.
Advocate Ronnie Renucci QC told judge Fiona Tait on Monday that he is awaiting final instructions on the matter from his client Alistair Greig.
The 68-year-old businessman is serving a 10-year sentence for carrying out a Ponzi scam which sucked in dozens of individuals to place their funds in “guaranteed” high interest accounts.
Jurors found that Greig pocketed more than £13 million from the scam.
However, prosecutors reckon that he made more than £21m from his life of crime and the Crown is seeking to recover that amount.
A jury also heard how Greig used the sums to fund a lavish lifestyle of buying top of the range cars and no-expense-spared trips to English Premiership matches.
On Monday, Mr Renucci said during a hearing at the High Court in Edinburgh he thinks the matter will soon be brought to an end.
He said: “It is a case which I am hopeful will resolve soon.
“The reason why the case has stalled is due to me being instructed to appear in other cases so I have been unable to obtain instructions from him.
“I will be in a position to consult with him soon and so I would ask that this matter be continued.”
King of the swindlers
Greig was unanimously found guilty in 2020 of obtaining £13,281,671.25 by fraud through his scheme between August 2001 and October 2014.
He 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.
The Crown listed a total of 165 victims of fraud on the indictment brought against Greig, formerly of Cairnbulg.
He used his ill-gotten gains to fund investments in property, including a holiday home in Cornwall, and a classic car business.
He also treated himself to a high-end Bentley and Range Rover and spent lavishly on trips to Old Trafford to see Manchester United and to Cheltenham and Ascot for race meetings.
Prosecution lawyer Steven Borthwick told jurors that Greig used the money entrusted to him as “his own personal slush fund”.
On Monday, judge Tait continued the matter against Greig to July 4 2022.
