An energy expert has been banned from running a company for 14 years after his firm scammed £4million from customers.
Dr Paul Dougan's company misled investors into parting with their cash for a wind farm scheme before the firm went bust.
The geoscientist and former Glasgow Caledonian University lecturer drives a Mercedes 4x4, but says he is now living on benefits, the Daily Record reports.
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An investigation by the Insolvency Service found he had used investors' cash to fund separate property ventures, instead of putting it into wind farm projects as expected.
They said the "appalling scam" robbed investors of savings, and scores were encouraged to put money into a wind turbine scheme before Dougan's firm folded owing £ 4.3 million.
The Record traced the 54 year told to a flat in Lambhill, and when confronted, he said: "I was a stupid person who trusted other people. I'm now on universal credit. I don't expect sympathy."
The UK's Insolvency Service said Dougan caused his firm DCR (Series 2) to fail to provide goods and services or to safeguard investor monies.
They said the company used cash obtained from investors - who were told it would be used to finance wind turbine projects in Scotland - for other purposes, including financing property development projects.
A report said investor funds received by DCR were sent to the bank account of its parent company. It said a large proportion of those funds were spent on related property projects for the parent company or other connected firms, "to which the investors obtained no benefit".
It said Dougan caused the firm to "mislead investors in the marketing of the bonds for the company". Investors were advised their cash was government protected, a security trustee had been appointed to safeguard their interests, and insurance had been obtained from a reputable firm.
The Insolvency Service said: "None of those assertions were correct."
Head of investigations at the Insolvency Service, Joanna Covell, said: "Paul Dougan not only ran an appalling scam which took precious savings from would-be investors but he flagrantly ignored his bankruptcy restrictions which prohibited him from acting as a company director.
"His company was closed and liquidated following an investigation by the Insolvency Service who then investigated his conduct and brought this disqualification action.
"The court has now hit him with a lengthy ban that reflects the seriousness of his misconduct."
When the Record approached Dougan, he told us he wanted to apologise to the victims but he was not to blame.
He said: "I didn't do it. I must be the most stupid fraudster in history because I didn't benefit from that at all. I was acting in good faith."
Dougan said he was in the process of appealing the decision to ban him from running companies for 14 years.
Until earlier this year, Dougan had been facing 147 criminal charges in Northern Ireland in connection with the same scheme but prosecutors withdrew the case for further investigation.
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