Midas Financial Solutions (Scotland) Limited
Midas Financial Solutions (Scotland) Limited (FRN 473246, Company No. SC307066) operated as a financial adviser from 2006 until 2014, working as an appointed representative of Sense Network Limited, which was regulated by the FSA and later the FCA. During that period, the firm’s director, Alistair Greig, operated what the FSCS and criminal courts subsequently established was a fraudulent Ponzi scheme.
The firm collapsed in 2014, taking approximately £13 million of investor money with it. Alistair Greig was subsequently prosecuted, convicted of fraud and sentenced to 14 years in prison, a sentence later reduced to 10 years on appeal. His fellow director, Ian Towe, was also investigated. The firm was formally dissolved in September 2019 following a compulsory strike-off.
The FSCS declared Midas Financial Solutions in default on 9 March 2020. The FSCS investigation concluded that the firm had operated an illegal Ponzi scheme, paying earlier investors with money taken from newer investors rather than generating genuine returns. Compensation claims were accepted from 1 May 2020.
Issues / Why You May Have a Claim
Investors who placed money with Midas Financial Solutions on the basis of advice from its principal Alistair Greig were victims of deliberate fraud. If you invested through Midas and have not received full compensation for your losses, the FSCS route remains open for eligible claims. In addition, if you were introduced to the firm by another regulated intermediary, there may be additional avenues to explore.
