The fraud saw 165 victims of the scheme convinced to place their money in “guaranteed” high-interest accounts which cost many victims their life savings.

Mr Greig headed the Aberdeen-based Midas Financial Solutions (Scotland) and was found guilty of fraud, alongside two other offences. The judge Lord Tyre said that the fraud was “on a truly shocking scale” and unquestionably one of the largest frauds in Scottish history.

Steven Borthwick, for the prosecution, 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. Instead, Alistair Greig used that money as his own personal slush fund.”

Lord Tyre sent Greig into custody as he adjourned the case for a report before sentencing. He said: “There is likely to be very little alternative to a lengthy period in custody.”

The Crown has also raised proceedings against Greig for a confiscation order to claw back crime profits, The Times reports.

The court heard that some clients were paid out under the scheme but the cash was coming from money deposited by other investors. Mr Greig funded investments in property, including a holiday home in Cornwall. He also purchased Bentley and Range Rover vehicles and splashed out on trips to see Manchester United and to Cheltenham and Ascot.

Mr Borthwick said: “There were lies told by Alistair Greig to different people at different times over years with the same purpose: to put their trust in him so they would hand over their money. He used that money for his own selfish reasons.”

Mr Greig, who had denied the charges, blamed a former business associate and expressed sympathy for the victims of the scheme. He said: “My heart goes out to all of them. There is nothing I can do. I have lost every single thing I had: the properties, my home, everything. I know exactly how they feel.”

Sentencing is due to take place at the High Court in Glasgow on April 15th.