A self-employed builder has told a court how losing cash in an alleged £12.9 million fraud had a “massive effect” on his family’s finances.
Norman Masson said he is owed more than £43,000 from 66-year-old financial adviser Alistair Greig.
The High Court in Edinburgh heard yesterday how Mr Masson invested cash with Greig’s firm Midas Financial Solutions between December 2010 and March 2014.
He told the court that a long-time friend called Keith Ingram worked for the Aberdeen-based firm.
Mr Masson said he initially invested £35,000 and was expecting to receive a £43,160 return in August 2014.
However, Mr Masson said the cheque which was sent to him with the return bounced.
He said he contacted Greig, who promised to repay him.
However, he said the other cheque bounced.
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Mr Masson added: “It’s had a massive effect.
“I’ve suffered a bit from anxiety because of the money.
“My daughter has suffered as she’s in rented accommodation and we couldn’t help her with a deposit to help her along.”
Mr Masson was giving evidence on the third day of proceedings against Greig, of Boston, Lincolnshire.
The accused denies three charges of fraud and breaching financial and proceeds of crime laws.
Mr Masson, of Inverurie, told the court that Mr Ingram said his cash would be safe.
He added: “He just said the money was safe and it was invested into the bank and we would be protected for up to £85,000.
“At the time I couldn’t afford to lose the money.
“I trusted Keith because I had known him for a long time.”
Mr Masson said the cash he invested came from an endowment payment needed to pay off his mortgage and savings.
Prosecutors claim Greig “formed a fraudulent scheme to obtain sums of money”.
They claim the scheme was carried out between August 30 2001 and October 14 2014 at addresses in Aberdeen, Aberdeenshire and Lincolnshire.
It is claimed that Greig pretended to investors that he would invest their cash in high-interest accounts with the Royal Bank of Scotland for “fixed periods of time”.
The Crown claims the truth of the situation was that Greig knew there were no high-interest accounts with the Royal Bank of Scotland.
Greig has pled not guilty to all three charges and lodged a special defence blaming others.
The trial continues.
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