Court hears bid to recover £21m from former Midas boss who ran £13m Ponzi scheme
Reading time: 1 minute
Progress has been made towards recovering £21 million in illicit gains made by the former director of Midas Financial Solutions, who scammed investors out of £13m, the High Court in Edinburgh has heard.
The legal bid to recover the £21m came from prosecutors who are trying to seize the illicit gains which Alistair Greig made after scamming 297 people between August 2001 and October 2014 through a Ponzi scheme, The Press and Journal reports.
Mr Greig, 68, originally from Cairnbulg in Aberdeenshire, lured investors into placing their money in “guaranteed” high-interest accounts, but was in truth spending their money on a range of personal luxuries, from fancy cars to English Premiership football matches.
His trial and conviction in 2020 is considered as one of the most notable fraud cases ever to take place in Scotland.
A two-day hearing has been planned for the end of September to determine the outcome of the action.
Share this article:
Subscribe to our newsletter to not miss articles like this one:
SUBSCRIBE
