Ponzi fraudster Alistair Grieg sees jail sentence cut to ten years

Scottish Financial News reported in April last year that Mr Greig conned more than 140 clients, telling investors he would put their money into a guaranteed short term deposit scheme.

The 66-year-old told clients of Midas Financial Solutions in Aberdeen he had exclusive access to high-interest accounts with RBS. In reality, Mr Greig was using the money to invest in property, a classic car business and to treat himself to trips.

Some investors did receive payments, but this money came from cash deposited by other investors.

Mr Greig claimed the fraud was carried out by a former business partner, but a jury found him guilty after a four-week trial at the High Court in Edinburgh.

Mr Greig was unanimously found guilty of obtaining £13,281,671.25 by fraud through his scheme between August 2001 and October 2014.

Yesterday, the jail term was cut after Mr Greig appealed his sentence. The two judges sitting at Edinburgh Appeals Court set the sentence start date at March 2020, meaning Mr Greig could be out of custody on probation in 2025 on good behaviour, The Press and Journal reports.