Man in court over ‘£13m fake scheme’
A MAN has appeared in court charged with defrauding hundreds of investors out of £13million through an illegal Ponzi-style scheme.
Alistair Greig, 65, is also accused of moving £5.8million out of the UK contrary to the Proceeds of Crime Act.
The prosecution alleges that investors were told their cash would be invested to achieve high returns on short-term deposits. In reality, his scheme was funded by new participants.
It was alleged at the High Court at Livingston that Greig, now of Boston, Lincolnshire, operated the scheme between 2001 and 2014 mainly through a firm called Midas Financial Solutions (Scotland) Limited, in Aberdeen. He denies all charges and is to stand trial at the High Court in Edinburgh in February.