“Parallels with Horizon scandal”: Carmichael leads public screening of Midas fraud documentary
Orkney and Shetland MP, Alistair Carmichael, has this evening spoken about the parallels between the Midas fraud in Scotland and the Horizon Post Office scandal, calling for the Financial Conduct Authority to properly compensate the legal fees of victims. Mr Carmichael held a showing of the documentary "King of the Swindlers" by BBC Scotland in the House of Commons, attended by MPs, journalists and victims of the fraud led by Alistair Greig.
"King of the Swindlers" explains the events of the Midas Scandal, focusing on one of Scotland’s most infamous investment fraudsters, Alistair Greig. Greig's fraudulent activities, reminiscent of a classic Ponzi scheme, led to a £13 million theft from his victims. Led by David Wilson, the documentary explores Greig's manipulation tactics, his flaunting of wealth, and the devastating impact on his victims.
Speaking after the event, Mr Carmichael said:
“When we talk about the Midas fraud and the failures of the Financial Conduct Authority it is hard not to see a parallel with the Horizon scandal which has captured public attention this year. In both cases you have an arm’s length public body which has a systemic cultural problem, whether it is the FCA or the Post Office. They ignored the warnings and everyday people lost out as a result.
“The ask to the FCA is simple: compensate the fees of the victims of Midas who pursued legal action and lost out as a result. The amount involved is not extravagant. These are not city bankers but shopkeepers, farmers and fishermen, up and down the east coast of Scotland. They deserve fair treatment.
“The FCA wants this to go away by ignoring it. We want to make this too painful to ignore. The FCA may claim that they are immune from accountability but they have a statutory obligation to uphold confidence in the UK financial sector. They need to remember that obligation to the public. If they will not do so willingly then we shall have to remind them.”