When armed police arrived, a financial adviser’s wife discovered he had stolen nearly £15million for gambling.
When armed police arrived at their front door, a financial adviser’s wife discovered he had stolen almost £15million to fund his gambling addiction.
In November 2017, armed officers arrived at the house with a warrant, according to Hannah David, 51, who worked as the national director of the Conservative political forum.
Freddy David, 53, of Borehamwood, Hertfordshire, who was managing director of HBFS Wealth Management, was selling clients fictitious opportunities based on his reputation in the Jewish community.
Some of his elderly investors then contemplated suicide.
He had developed a gambling addiction and set up a Ponzi scheme alongside his company to fund his habit.
A Ponzi scheme is a type of investment fraud in which existing investors are compensated with funds raised from new investors.
Mr David had bet £5million in 10,000 online transactions, with more than £13million stolen from investors, and his addiction was so bad he bet more money than he needed took, according to the evidence presented in court.
Mr David was sentenced to six years in prison for theft and fraud, but after serving half his sentence he was released in June 2021.
‘At the moment [in 2017], my husband and I had been married for 24 years, and although our relationship was far from perfect, I had no reason to suspect that he was involved in criminal activity,” Ms. David told The New York Times. .
She claimed it became clear in the weeks that followed that her husband was planning a massive fraud scheme targeting the most vulnerable members of the community.
Ms David is now urging the government to pass legislation to reduce the harm associated with gambling.
The 51-year-old was a Conservative Party councilor and stood in the Harrow West Parliamentary elections in 2015 and 2017. She met her husband on a student trip in 1989.
Mr David was studying industrial economics at the London School of Economics when she met her husband, and she was studying law at the University of Leeds.
They married four years later, with Mr David working at Barclays Bank and Mrs David studying to become a lawyer.
After leaving Barclays in 2003, Mr David took over a wealth management firm.
Ms David, who was a practicing solicitor at the time and had three children, said: ‘I felt financially secure and that…
Nokia news in brief
Hannah David, 51, discovered her husband’s gambling addiction in 2017 when officers stormed their home. She realized their marriage was over because he had lied to her for 10 years. her sentence and was released in June 2021 Ms David is working with Labor MP Carolyn Harris calling for government gambling reform