Former HBFS Financial Services managing director Freddy David has been charged with fraud offences totaling between £14m and £15m.
David, 49, from Borehamwood, attended Bishopsgate Police Station last week and was released on bail to the City of London Magistrates’ Court.
Magistrates concluded that allegations relating to the case, which spans 15 years, were “too serious” to be heard by them. The case was referred to the crown court by City of London Magistrates.
Prosecutors said further witness statements were in the process of being added which would add “another seven figures” to the amount in question.
The Hertfordshire-based firm had many Jewish clients, and targeted investors in the community.
David was first arrested on November 9 last year. A spokesman said: “The City of London Police started investigating the case relating to Freddy David and the company HBFS Financial Services in May 2017 following a referral from the Financial Conduct Authority.”
He had led the wealth management company since 2005, and together with his wife Hannah – a Conservative Party candidate in Harrow West last year – is thought to have owned the business.
In December 2017, a 40-year-old man from Salford, Lancashire, was arrested in relation to the investigation, but he has since been released with no further action against him.