A wealth manager, well-known to London's Jewish community, is set to appear before a judge and jury later this month accused of fraud totaling between £14m and £15m.
The case of Freddy David, a former managing director of Hertfordshire-based HBFS, was referred to the crown court by City of London Magistrates yesterday (2 July).
Prosecutors said further witness statements were in the process of being added which would add "another seven figures" to the amount in question.
David, 49, from Elstree, did not enter a plea and was bailed to appear before Southwark Crown Court on 30 July.
Magistrates concluded that allegations relating to the case, which spans 15 years, were "too serious” to be heard by them.
According to Jewish News, Mr David is one of the Jewish community's best known financial advisers.
He has been charged with obtaining money transfer by deception and fraud by abuse of position.
He stepped down from HBFS late last year amid an investigation by the Financial Conduct Authority and was arrested in November.
He had led the wealth management company since 2005, and together with his wife Hannah – who stood as a Conservative Party candidate in Harrow West last year – is thought to have owned the business.
Last year a spokesman for the firm said: “We will be cooperating fully with the FCA investigation into this matter.
"We have assured our clients that all money is completely secure.”
The company offers help placing money in offshore wrappers for those with £100,000 or more to invest, helping clients legally avoid capital gains tax, corporation tax and income tax.
HBFS also offers advice on trusts, Isas, equities, bonds and pensions, as well as inheritance tax mitigation.
