The owner of a wealth planning firm which was wound up in March with more than £13 million in investor money missing has been charged with fraud by City of London police.
Freddy David, managing director of the collapsed London planner HBFS, was charged and released on bail with an order to appear at the City of London Magistrates Court early next month.
The regulator shut down the business in December last year, preventing it from advertising its services or accepting new clients.
The Financial Conduct Authority had referred the case for police investigation in May 2017.
A 40-year-old man from Salford was previously arrested as part of the investigation and since released with no further action taken.
According to documents seen by the Jewish Chronicle, insolvency practitioner B&C Associates in March contacted 61 claimants on HBFS owed a total £13.3 million to warn them it had only recovered £459,710.
It added that was unlikely to reflect a full accounting of the number of people who lost money in the firm, however.
The Hertfordshire-based business was reported to have targeted members of the local Jewish community.
The City of London police led the investigation as the lead national force for fraud.