Man tells court of impact of cash loss due to alleged fraud

A self-employed builder has told a court how losing cash in a £12.9 million alleged fraud has had a “massive effect” on his family’s finances.

Norman Masson said he is owed more than £43,000 from 66-year-old financial adviser Alistair Greig.

The High Court in Edinburgh heard how Mr Masson invested £35,000 with Greig’s firm Midas Financial Solutions between December 2010 and March 2014 and was expecting to receive a £43,160 return in August 2014.

However, Mr Masson, of Inverurie, Aberdeenshire, said that the cheque sent to him bounced, as did a second.

Describing the impact the loss had on his life, Mr Masson said: “It’s had a massive effect.

“I’ve suffered a bit from anxiety because of the money. My daughter has suffered as she’s in rented accommodation and we couldn’t help her with a deposit to help her along,” he added.

Mr Masson was giving evidence on the third day of proceedings against Mr Greig, of Boston, Lincolnshire, but formerly of Cairnbulg near Fraserburgh.

Prosecutors claim Greig “formed a fraudulent scheme to obtain sums of money”, carried out between August 30 2001 and October 14 2014, at various addresses in Aberdeen, Aberdeenshire and Lincolnshire.

It is claimed that Greig pretended to investors he would invest their cash in high interest accounts with the Royal Bank of Scotland for “fixed periods of time”, the truth being that he knew there were no such accounts.

The Crown also claims the “sums of money returned to said investors did not represent interest made on the sums of money deposited by them but were sums of money that had been deposited in the scheme by other investors” and that by “such false pretences” he obtained £12,982,789.23 by fraud.

Prosecutors also claim Greig’s actions breached financial and proceeds of crime laws.

He has pled not guilty to all three charges.

Greig has lodged a special defence blaming others.

The trial, taking place before judge Lord Tyre, continues.

“I’ve suffered a bit from anxiety because of the money”

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