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 case is being investigated as part of the City of London Police’s role as national lead force for fraud.
It was referred to the force by the FCA.
Officers charged Freddy David with obtaining money transfer by deception and fraud by abuse of position.
Mr David, 49 of Hartfield Avenue, Elstree, Borehamwood, attended Bishopsgate Police Station this morning and was released on bail to the City of London Magistrates Court.
He will next attend the same court on 2 July.
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.
“David was arrested on 9 November 2017 and he was released on bail.”
In December 2017, a 40-year-old man from Salford, Lancashire, was arrested in relation to the investigation, he has since been released with no further action against him.