The Managing Director of HBFS (Freddy David) promoted himself as being able to help those people who had been put off the taxman. As a result of defrauding some 55 clients out of in excess of £14.5 million, through a Ponzi scheme, he was convicted and given a 6-year prison sentence and was released after serving half of this.
The City of London Police fraud team investigated Freddy David and found that he was guilty of using HBFS to run a Ponzi scheme between the years of 2005 to 2017. This was done all while HBFS was being used for legitimate business purposes. He was using the good name of the company to defraud his victims out of anywhere between £20,000 and £750,000.
He enticed people in by offering them tax savings via investments in offshore accounts. This allowed clients to legally avoid having to pay income tax, corporation tax, or capital gains tax. The HBFS website advertised that the Managing Director dealt with high-value and complex investment portfolios for a high-profile and diverse client base.
It is understood that he used his client’s money to pay his children’s school fees, fund his heavy gambling and take luxury holidays. He even opened a restaurant.
Gone Into Liquidation
Its creditors placed HBFS into voluntary liquidation in 2018 and since then the company has stopped taking on any new business. The appointed liquidators are Jonathan Elman Avery Gee, and Stephen Leonard Conn of CG & Co.
Get Help Fast
If you are someone that had dealings with HBFS Financial Solutions Ltd and the investment you made with the company has lost money, then you should review all of your transactions with them. If you have any concerns regarding what you find, then get in contact with us and we can advise you about your case. However, you need to act fast as there are time limitations in place.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
