UK Financial Regulator Sentences Former Private Asset Manager to a Life Ban

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In July 2018, Mr Freddy David who held the post of CEO at HBFS Financial Services (HBFS), an asset management company from 2005 to 2017 pleaded guilty to receiving money through the use of the wellknown fraudulent Ponzi scheme and abuse of position.

As a result of this activity 55 victims were defrauded out of more than GDP £14.5 million (USD $18.5 million).

The Financial Regulation and Supervision Authority issued a decision imposing a life ban on any regulated activity as well as the disqualification of Mr. David from being a director of a company for a period of 10 years. This decision was entered into force on May 15th, 2019.