Skip to content
International Adviser
  • Contact
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • Directory
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

London police recoup £3m from Ponzi fraudster

By Cristian Angeloni, 11 Aug 20

He is currently in prison after conning victims out of £14.5m

The City of London Police has recovered part of the money that investors lost to a Ponzi scheme. 

Freddy David was a former financial adviser who managed to steal £14.5m ($18.6m, €16m) from 55 of his clients. 

He told them their funds were being held in a high-interest bank account in his company HBFS Financial Services. 

But instead of investing the money, David used it to fund his gambling addiction. 

Investments from the 55 victims varied between £200,000 and £750,000. 

He was then sentenced to six years in prison in 2018, and was also barred from holding a directorship for 10 years. 

The City of London Police said on social media: “In fraud cases, the work doesn’t stop when the criminal goes to jail.  

“In the case of Freddy David, we have worked hard to legally recover funds to repatriate his victims. Two years on from his sentencing, we’re pleased to have recovered £3m.” 

Tags: Fraud | Ponzi Scheme

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Industry

    ASIC suspends MW Planning licence after banning advisers

    Industry

    UK finance firms join forces to launch retail investment campaign

  • Companies

    VIDEO: II’s The Breakfast Briefing EP 2 – Sam Instone, CEO, AES International

    Heather Hopkins

    Industry

    MPS assets surge 32% to £190bn as adviser usage grows


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.