A former Charles Stanley broker has been given a six year jail sentence for his part in a £1.2m Ponzi-style scheme.
Stephen Greig used the offer of a 7.5 per cent return on investments to get clients to hand over sums of up to £500,000, the Daily Mail reports, and then fabricated letters using Charles Stanley’s headed paper to lie about investment performance.
While Greig paid some clients dividends, later investors were needed to pay back those who invested earlier after he skimmed off some of the money for himself.
The total losses for victims, who included several long-term friends, between 2006 and 2012 were £1.2m, the Old Bailey heard.
Greig, who had started work at Charles Stanley in 1986, previously pleaded guilty to 13 fraud counts and obtaining money transfers by deception.
The Daily Mail quotes Judge John Bevan QC during sentencing as saying: “I am genuinely sorry that you, as a 73-year-old man of hitherto good character, find yourself facing sentence for a series of serious frauds, but you have brought it on yourself.
“You were out of your depth and unable to face what you had done by setting yourself unachievable targets and you could not face reality even when you were arrested as regards your work or your family.”