A businessman told a court how his investment in an alleged £12.9 million fraud resulted in him being unable to move abroad with his cancer-stricken wife.
Mark Ansell, 69, told a jury he lost £138,000 after giving the cash to his financial advisor Alistair Greig, 66.
The High Court in Edinburgh heard Greig was allegedly going to put the cash in a minimum risk scheme which would supposedly make Mr Ansell an 8% return.
Mr Ansell, of Durris, told prosecution lawyer Steven Borthwick he was expecting to make £149,040. He said he’d trusted Greig because he’d acted as his financial advisor for two decades.
Mr Ansell told Mr Borthwick he didn’t get a penny of the cash back and he has been unable to retire.
When Mr Borthwick asked him what kind of impact the loss has had on his life, Mr Ansell replied: “It’s had a very detrimental effect. My wife is not well at the moment. She has cancer – we were hoping to move to warmer climes to help with her condition but we have been unable to do that.”
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Greig, of Boston, Lincolnshire, denies charges of fraud and breaching financial and proceeds of crime laws. His legal team have lodged a special defence of incrimination, which names nine other people as being responsible for the alleged offences.
Mr Ansell told the court that he runs a dog care business with his wife.
He said Greig worked for a firm called Midas Financial Solutions Scotland.
He said “around 10 to 12 years ago” Greig told him of an investment opportunity with a good rate of return which had a “minimum” amount of risk.
Mr Ansell said Greig told him the investment opportunity was with the Royal Bank of Scotland.
Mr Ansell said he and his wife initially invested a total of £90,000 in July 2008 – £45,000 of that sum was from his wife’s pension.
Mr Ansell said he was promised guaranteed growth of 10%.
He said in June 2014 he received a payment of £10,873.20 from Mr Greig – he said it was the only return he got while in the scheme.
In July 2014 Mr Ansell said he invested £138,000 but the police contacted him in October 2014.
He said he provided officers with a statement about the investment.
Mr Ansell told Mr Borthwick that Greig got in touch with him a short time afterwards.
In cross examination, defence advocate Stephen O’Rourke QC suggested Mr Ansell had actually received payments of £106,000 from Greig.
Mr Ansell said he could not recollect receiving that cash.
The trial before judge Lord Tyre continues.
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