Convicted investor Freddy David banned from financial services for life

Disgraced investor Freddy David has been banned from the financial services sector for life, following his conviction for a Ponzi scheme fraud.

David, formerly of Hartfield Avenue, Elstree, was jailed for six years in July after admitting charges of obtaining a money transfer by deception and fraud by abuse of position.

Southwark Crown Court heard that, between 2005 and 2017, he defrauded 55 victims out of £14.5 million, using the money to fund his gambling habit, as well as to pay for family holidays and his children’s school fees.

The victims invested between between £20,000 and £750,000 in the scheme. The fraud ran "in parallel with legitimate HBFS business", police said at the time of his conviction.