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Fraudster's wife tells court she had no knowledge of his multi-million pound scam
Freddy David's wife, a former Conservative councillor in Hertsmere, makes statement at confiscation hearing
February 27, 2020 17:24
Freddy David's wife, a former Conservative councillor in Hertsmere, makes statement at confiscation hearing
February 27, 2020 17:24The wife of a financial adviser who stole £15 million from investors in the Jewish community has told a court she had no idea what her husband was up to because she was at home looking after the children.
Freddy David, 51, whose wife Hannah is the former Tory leader of their local council, is currently serving a six-year jail sentence for fraud.
He used his good reputation within the Jewish community as managing director of HBFS Wealth Management to sell non-existent investment products to his clients.
David stole a total of £14,545,594 from 55 clients over ten years.
He used part of an £80,000 investment from one victim to set up a restaurant called ‘Let's Meat’, visit Greece and Israel, and feed his gambling addiction.
David is now facing a confiscation hearing at Southwark Crown Court in which the prosecution will probe his assets in a bid to claw back the missing millions.
His wife Hannah, 50, was a Conservative councillor in Hertsmere and stood down from the council to run as the Conservatives' Parliamentary candidate for Harrow West in 2015 and 2017.
Giving evidence at her husband's confiscation hearing at Southwark Crown Court on Thursday, she said she had “virtually zero” knowledge of financial matters.
“Since we'd been together my view was he had more experienced with finance and banking. I didn't.
“I dealt with the family, home and looking after the children, et cetera.”
Mr Wyatt asked: “Did you have any questions about what he (Freddy) was doing to raise the money?”
Mrs David said: “None at all.”
Mrs David, who is currently divorcing her husband, said her income came from “a planning and housing think-tank I am director of”.
Jonathan Polnay, prosecuting, asked: “You're a qualified solicitor?”
Mrs David replied: “Yes.”
Mr Polnay said: “And from 2004 you were an elected councillor?”
“Yes,” she replied.
Mr David's hearing was postponed yesterday after he failed to get into the van at Ford open prison in West Sussex.
He feared he would not be able prepare his own food in a tougher regime of Wandsworth Prison where he would be held during the hearing, it was said.
Sophie O'Sullivan, defending, had said: “It is known that when people come here over two days they go back to Wandsworth.
“He is anxious of not being able to return to Ford.
“Ford allows him to prepare his food because of the open facilities, and by preparing his food he can adhere to his faith.”
He arrived two hours late for the hearing today after he was told to take a train to London from HMP Ford rather than come by van.
The hearing had now been delayed until March 11 after Judge Deborah Taylor expressed concerns about how his properties could be divided up to repay his victims.
Judge Taylor said: “I'm concerned with how to deal with the issue of dividing mortgages, bearing in mind their increase in value since they were bought.
“What I'm minded to do is fix a date.”
David, of Hartfield Avenue, Borehamwood, Herts, admitted one count of fraud by abuse of position and one count of obtaining a money transfer by deception.
He was jailed for six years and disqualified from being a director of a company for 10 years in July 2018.
The hearing was adjourned until March 11 but Mrs David cannot attend because she will be at a conference in France, the court heard.
