Midas Financial Solutions closed in 2014. It’s Director Alistair Greig, was sentenced to prison for fraud.
After an investigation into fraud took place, it was found by the High Court of Edinburgh that Mr. Greig had obtained about £13 million of his clients’ money through the running of a Ponzi scheme. Rather than investing the funds, he purchased a number of vintage cars and took numerous luxurious holidays. The fraud resulted in many of his clients losing their life savings.
The investments were pitched as carrying attractive guaranteed returns placed on favourable terms due to the owner’s relationship with a well-known high-street bank.
Sadly, for the investors, the high-interest accounts had never existed. Instead, investors’ money was placed into a so-called ‘Ponzi Scheme’ operated by the owner of Midas.
Appointed Representative (AR) For Sense Network
Midas Financial Solutions was operating as an appointed representative (AR) for Sense network. The appointed representative firm carries on regulated activity under the responsibility of an authorised firm.
Investment Advice
While Midas Financial Solutions acted as the AR for Sense Network, it was ruled by the high court that the network was not responsible for the fraudulent activities of Alistair Greig.
Compensation Claim
Anyone that had dealings with Mr. Greig and his company might be eligible to claim compensation – even if it is the case that you have signed an execution-only waiver. If Midas was responsible for giving your financial advice and you are concerned about being mis-sold, then give us a call today so that we can review your case and go through your options.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
