The ex-wife of a financial advisor is calling on banks and betting firms to do more to spot fraud and protect victims after she only found out her ex-husband had stolen nearly £15 million to feed his gambling addiction when armed police arrived at their front door.
Hannah David, 51, who worked as a national director of the Conservative policy forum, said armed officers came to the house with a warrant in November 2017.
Freddy David, 53, from Borehamwood, Hertfordshire, who was managing director of HBFS Wealth Management, had been using his reputation in the Jewish community to sell clients fictional opportunities. It left some of his elderly investors contemplating suicide.
He had become a gambling addict that stole from 55 clients through a Ponzi scheme and set it up alongside his business to feed his habit. He used part of an £80,000 investment from one victim to feed his gambling addiction and pay his children’s private school fees, while he also set up a restaurant called Let’s Meat and enjoyed trips to Greece and Israel.
A Ponzi scheme is an investment fraud which pays existing investors with funds that are collected from new investors. At Southwark Crown Court, it was revealed that David had gambled around £15 million in 10,000 online transactions.
More than £13 million of the money was stolen from investors and the addiction was so bad that David gambled more cash than he took. The total loss to victims was £6,998,942.17 but the sum David was ordered to…