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.
Company background (public record)
The company was incorporated at Companies House on 18 August 2006 under company number SC307066. Its status at Companies House is recorded as dissolved.
Registered office: 23 Carden Place, Aberdeen, AB10 1UQ, Scotland.
Nature of business (SIC): 66220.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 18 Aug 2006 | Company incorporated | Companies House |
| 18 Aug 2006 | Sandra Jean Thomson appointed secretary | Companies House |
| 18 Aug 2006 | Kevin Frank Robert Alexander appointed director | Companies House |
| 18 Aug 2006 | David Laing appointed director | Companies House |
| 18 Aug 2006 | Allan David Milne appointed director | Companies House |
| 18 Aug 2006 | Sandra Jean Thomson appointed director | Companies House |
| 18 Aug 2006 | Ian Mackenzie Towe appointed director | Companies House |
| 31 Jul 2007 | Allan David Milne resigned as director | Companies House |
| 20 Aug 2007 | Alistair Greig appointed director | Companies House |
| 27 Sep 2007 | FCA status recorded as: No longer registered as an Appointed Representative | FCA Register |
| 23 Jan 2012 | Sandra Jean Thomson resigned as secretary | Companies House |
| 23 Jan 2012 | Sandra Jean Thomson resigned as director | Companies House |
| 15 Feb 2012 | Kevin Frank Robert Alexander resigned as director | Companies House |
| 08 Mar 2012 | Judith Greig appointed secretary | Companies House |
| 08 Mar 2012 | Christine Grace Dowall appointed director | Companies House |
| 08 Mar 2012 | Judith Greig appointed director | Companies House |
| 17 May 2012 | Judith Greig resigned as director | Companies House |
| 17 May 2012 | Keith John Ingram appointed director | Companies House |
| 07 Aug 2014 | David Laing resigned as director | Companies House |
| 20 Aug 2014 | Christine Grace Dowall resigned as director | Companies House |
| 20 Aug 2014 | Keith John Ingram resigned as director | Companies House |
| 13 Jun 2015 | Ian Mackenzie Towe resigned as director | Companies House |
| 06 Sep 2016 | Company dissolved | Companies House |
| 26 Feb 2020 | FSCS update: Although FSCS is accepting claims against Midas Financial Solutions (Scotland) Ltd, claims have not yet been passed to o… | FSCS |
| 06 Mar 2020 | FSCS update: FSCS has finished its investigation into Midas and can confirm that the firm does owe a civil liability to customers | FSCS |
| 09 Mar 2020 | Declared in default by the FSCS | FSCS |
| 15 May 2020 | FSCS update: FSCS has now passed claims relating to the illegal ‘Midas scheme’ to our claims assessment teams | FSCS |
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Judith Greig. Listed at Companies House as Active | secretary (appointed 2012-03-08).
- Judith Greig. Listed at Companies House as Resigned | director (appointed 2012-03-08, resigned 2012-05-17).
Review page sources: FCA Register (FRN 473246) · Companies House (SC307066) · FSCS. Public records, provided for transparency.
