The City of London Police have recovered £3m from a former Hertfordshire-based HBFS Financial Services boss who was found guilty of running a Ponzi-scheme in 2018.

Wealth manager Freddy David has been jailed today for six years for defrauding 55 victims out of £14.5m in a Ponzi scheme.

Former HBFS Financial Services managing director Freddy David has been charged with fraud offences today at Bishopsgate Police Station, in the City of London.

The City of London Police and the FCA are investigating the affairs of a Hertfordshire wealth management firm and a 49-year-old man has been arrested in connection with the investigation.