Freddy David, the former managing director of HBFS Financial Services, has been charged with fraud offences by the City of London Police.
Mr David, 49, of Borehamwood, Herts, has been released on bail and will attend court on July 2. He was charged with obtaining money transfer by deception and fraud by abuse of position.
Mr David was arrested in November last year as part of an investigation by the City of London Police and the Financial Conduct Authority (FCA).
During the investigation, the regulator imposed a number of restrictions on the company, including closing the firm to all new business, while it was also required to provide to the FCA with daily bank statements, by no later than 5pm, for its office accounts.
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 and all investments, including premiums, should be provided to the product provider
Mr David stepped down from managing the company in December last year. The firm, which provided wealth management, inheritance tax solutions, advice on overseas pensions and fund management portfolios for self-invested personal pensions, was wound up in March, and placed into creditors’ voluntary liquidation.
The police added a a 40 year old male from Salford, Lancashire, who was arrested in relation to this investigation, has since been released with no further action.