Second north-east finance group caught up in police probe

A second north-east financial operation has been caught up in a criminal investigation, the Press & Journal can reveal.

A former financial adviser linked to both probes into alleged fraudulent activities has claimed he and his family are also victims of investment schemes gone wrong.

David Laing, who was a director and shareholder in Midas Financial Solutions Scotland, is a partner in Asset Assured, an investment club based in Banchory – both of which are subject to investigation by Police Scotland

The force confirmed yesterday that Asset Assured is the subject of an investigation into potentially fraudulent activity. The Press & Journal has previously reported that another firm, Midas Financial Solutions, is being investigated for running an unregulated investment scheme in which it is thought to have put £9million of investors’ funds at risk.

However, the spokeswoman said the two investigations are not related.

Mr Laing has strenuously denied any wrong doing in his role at Midas where he was a director until August 7 and that the two firms are not associated.

The police are investigating the Banchory firm after its directors claimed its members’ funds are “under suspicion of being misappropriated”.

Asset Assured manages funds on behalf of members who subscribe to access unregulated investment products.

In a letter sent to members seen by the Press & Journal, Asset Assured said it was “making every effort we can to satisfactorily resolve this situation”.

Mr Laing said: “We have given our statements to the regulator and the police. We have been in contact with the Law Society of England.

“There has been a supposed misappropriation of funds from a solicitor third party we used.

“As far as Midas Financial, I spoke to the FCA and Police Scotland. I’ve given them a statement.

“Unfortunately my father is in ill health. His money has disappeared to the tune of £150,000. I’m not very happy at the moment.

“I’ve done absolutely nothing wrong.

“Everybody who knows me knows that there is no conflict between Midas and Asset Assured – they are two separate entities.

“In actual fact myself and my family have suffered financial hardship and lost money in the bargain.

“I wasn’t a director of Midas at the time of this investigation. I had left by that time.

“I have done absolutely nothing wrong. I’ve given my statements. I’ve done the best I can.”

The Press & Journal revealed that Aberdeen-based Midas is at the centre of a criminal investigation into a deposit scheme affecting 180 investors and involving up to £9million of their money.

Police confirmed it was investigating Midas last month after the Financial Conduct Authority (FCA) launched an investigation in August.

Calum Moir, a director of the Asset Assured, declined to confirm how much money was at stake.

“We did everything we could do, but you can’t legislate for someone being dishonest,” he said.

He said that he was hopeful members of Asset Assured could also get their money back following the investigation.

“There’s no saying we aren’t getting these funds back,” he said.

A spokeswoman for Police Scotland said their enquiries into both firms are “separate”.

She said: “We have been made aware of alleged fraudulent scheme under the name of Asset Assured by the Financial Conduct Authority.

“A criminal investigation has been launched. Enquiries are at an early stage.

“If anyone has any information or thinks they have been a victim of economic crime please contact Police Scotland at 101.”