|“||I was going to jump in front of a train but I wanted to face Freddy David in court||„|
|~ Victim who lost entire life savings|
Freddy David is a convicted fraudster from Borehamwood in England. David was the founder, main owner and managing director of a financial Advisor company called HBFS Financial Services which David used as a camouflage to defraud 55 people, including friends, family, the elderly and even disabled people. David stole from them a total of £14.5 million, using a Ponzi scheme, which resulted in many of those victims losing all of their life savings.
As a sly,greedy, confidence trickster David used his religious observance and position within the Jewish community, to entice innocent and vulnerable people, falsely demonstrating that he maintained the highest moral standards. The stolen funds were gambled online, spent on luxury holidays, regularly traveling first class with and without his wife, making major improvements to his million pound plus house, organizing family events and functions, eating in the best restaurants, buying nice cars, lavishing jewellery and top fashions on his wife Hannah David. Hannah David is a solicitor, who was a shareholder in HBFS, and she was also involved in politics. In fact, according to the Daily Mirror, Freddy David spent over £15,000 to sponsor his wife’s political campaigns. David also invested stolen money in a restaurant business called Let’s Meat in Borehamwood with Hannah David being the sole Director and not prosecuted for the crimes of her husband. Freddy David also paid for private school and university fees, for over a decade, for his three children, with no expense spared.
During David's crime spree, which lasted over ten years, David continued to manage the legitimate HBFS business in parallel to the fraud he was committing and around 5% of the stolen money passed through the HBFS company. David tricked his trusting victims to believe that they would receive 8% per year interest from their investment, he then transferred stolen funds into his own bank accounts or took cash.
After an investigation by the FCA and City Of London police, David was finally caught. It transpired that David created a Ponzi scheme which paid off suspicious investors by utilizing money from recent victims to pay off older ones in order to keep his fraudulent scheme going. As the net closed David attempted to sell his company, but once David was exposed, HBFS was ordered by the authorities to stop trading and David was doomed.
In February 2018, Freddy David confessed his crimes to police and subsequently received a six year sentence at Southwark Crown Court on July 30th, 2018. David is currently serving 3 years inside prison and will serve a further 3 more years on parole. Further proceedings are pending to confiscate Freddy David’s remaining assets in order to partially compensate his victims.
David clearly shows no remorse as he failed to show up in court to explain himself. He again used his religious observance from prison arguing there was a chance that he wouldn’t receive the kosher food that he desires, should he attend court, a further slap in the face to the victims he defrauded.
The big question still remains as to how an outwardly ”God-fearing”man set out to deliberately defraud and deceive victims by persuading them to believe something that was false ?