Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Wealth planner boss charged with fraud on missing £13m

Wealth planner boss charged with fraud on missing £13m

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Play CEO tapes: the gap between best and worst alternatives is stark

CEO tapes: the gap between best and worst alternatives is stark

In the final part of our series we take a look at the rise of illiquid investing and whether it really serves in clients best interests.

Read More
Your Business: Cover Star Club

Profile: why the world of wealth is fracturing

Profile: why the world of wealth is fracturing

The problem with wealth management, according to Robert Paul, London & Capital’s youngest ever partner, is that it is very antiquated.

Wealth Manager on Twitter