Rabbi arrested in fraud case

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.