Rabbi Benji Silverstone, head of investment company HBFS Wealth Management’s Manchester office, has been arrested by police on suspicion of conspiracy to defraud.

Asked to comment on his arrest, a police spokesperson said: “We can confirm a 40-year-old man was arrested in Salford on December 19th on suspicion of conspiracy to defraud.”

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.

Rabbi Silverstone, who studied in the Mir Yeshiva in Jerusalem before qualifying as a rabbi at Aish Yeshiva, directed calls to his solicitor after the JC contacted him for comment.

City of London Police arrested Freddy David, the managing director of HBFS Wealth Management, on suspicion of fraud and money-laundering earlier last month. Mr David joined the company in 2000 having previously worked as corporate manager at Barclays Bank.

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

HBFS was also 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.