Scots lawyer accused of £6m fraud declared bankrupt

A Scots lawyer accused of defrauding property investors to the tune of £6 million has been declared bankrupt by a court in Gibraltar. Gregory King, from Glasgow, is accused of masterminding a scam which saw investors’ money used to buy land from him at grossly inflated prices. Mr King denies the claims but authorities in Gibraltar believe otherwise. The Supreme Court of Gibraltar handed down the bankruptcy order after it heard a petition from the administrators of Advalorem Asset Fund, citing £6m owed. The fund projected returns of up to ten per cent for investors from property deals. Adrian Hyde of CVR Global undertook forensic examination of the firm for more than two years. Mr Hyde said: “After a lengthy period of proceedings, we can now begin the process of tracing and realising Mr King’s assets for the benefit of his creditors.”