Anger as fraudster has sentence cut to 10 years

Victims of Scotland’s most prolific fraudster have reacted with shock after his jail sentence was slashed.

North-east financial adviser Alistair Greig, 67, had appealed against his jail term for a massive scheme that ruined lives.

He had been sentenced to 14 years in prison for the fraud, conducted from an office in Little Belmont Street in Aberdeen.

But yesterday that term was cut to 10 years. The two judges sitting at Edinburgh Appeals Court set the sentence start date at March 2020, meaning Greig could be out of custody on probation in 2025 on good behaviour.

The judges accepted the argument that Greig, of Cairnbulg, is suffering from physical and mental health problems, suggesting that his quality of life was likely to deteriorate if he stays in custody for the original 14year term.

However, the judges’ ruling has been given a furious reception by those at the sharp end. One north-east man, who lost more than £110,000 of his life savings in Greig’s scam and who now must get by on just his state pension, said: “It’s a strange decision. All of the victims will be furious I imagine.”

The pensioner, who asked not to be named, added: “For me, it doesn’t matter. Whether he stays in prison for 250 years or 10 years, it won’t matter much to my bank account.

“There will be lots of scammers like Greig about and this will just encourage them.

“I’ve spoken to 70 other victims in this case. Some of them have suffered cancer, strokes or have passed away. It ruined lives and shattered families.”

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

He pretended to investors he would place money in a short-term deposit scheme with the Royal Bank of Scotland for fixed periods.

He was also convicted of breaching financial services and markets legislation and converting and transferring £5.7m in criminal property.

He had denied offences.

The Crown listed a total of 165 victims of fraud on the indictment brought against Greig

Colin Stewart, whose parents lost more than £360,000 in the fraud, was instrumental in bringing the many of the victims together to fight the case.

He said: “I’m angry that he has managed to get his sentenced reduced. I didn’t think this would happen.

“People will be annoyed with this. He hasn’t admitted any guilt and even tried to get his conviction quashed before trying to get his sentence lowered.”

He added: “At the end of the trial, the judge (Lord Tyre) gave a really strong speech about the impact of the case and this decision sort of ruins that.”

Allan Milne was a director at Midas Financial Services – the firm where the Ponzi scheme scam took place.

He was one of several Midas staff members who unknowingly convinced clients to invest in the fraud on Greig’s command.

Police, prosecutors and the court accepted Mr Milne and his colleagues played no role in the crime and that Greig was the only person involved.

Mr Milne said: “I and other people who have been hugely affected both emotionally and financially by Alistair Greig will be exceptionally disappointed that he has evaded almost a third of his sentence.

“This man led a luxury lifestyle and lied to everyone around him to maintain that lifestyle and has still not admitted his guilt.

“For his sentence to be cut when he is still not admitting guilt does not seem to me to be fair.

“I was a financial adviser and lost my career, which had huge financial consequences to me, as well as people who have had money taken from their life savings by Alistair Greig.”

PROLIFIC: Alistair Greig has had his 14-year sentence cut to 10 years, angering Colin Stewart, right, whose parents lost £360,000 in Greig’s scam.