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Man convicted of large scale investment fraud in Aberdeenshire

By David Porter

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Police Scotland has this week welcomed the conviction of Alistair Greig who has been found guilty of running a large scale investment fraud.

The High Court in Edinburgh saw the conviction of Alistair Greig.
The High Court in Edinburgh saw the conviction of Alistair Greig.

The 66-year-old from Lincolnshire was found guilty by a jury following a trial at the High Court in Edinburgh.

He defrauded investors in Aberdeen, Aberdeenshire and Lincolnshire out of £12.9million 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.

Detective inspector Ian Whittle said: “Following an initial enquiry 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 enquiry 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.”

Alistair Greig is due to be sentenced on Wednesday, April 15 at the High Court in Glasgow.

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