Police drop probe into rabbi arrested in investment company fraud case

“The police have today released him from bail and are not pursuing any criminal charges against him.“

Rabbi Silverstone has worked for the wealth management company since April 2013.

He had previously worked as the Manchester director of Aish HaTorah for over nine years having  studied in the Mir Yeshiva in Jerusalem before qualifying as a rabbi at Aish Yeshiva

City of London Police arrested Freddy David, the managing director of HBFS Wealth Management, on suspicion of fraud and money-laundering last month.

HBFS customers were advised by the police “to check the status of any investments made through HBFS and, if they have any concerns, to contact City of London police.”

HBFS was required to cease advertising its services in all forms and to write to all existing customers to confirm that it is prevented from holding client money. According to its website, HBFS provides wealth management, inheritance tax solutions, and fund management portfolios for self-invested personal pensions.

The JC has contacted City of London Police for comment.