Disgraced former wealth management consultant Freddy David has been released from prison after serving half of his six-year sentence for theft and fraud.
David, 52, of Borehamwood, Herts, was convicted of a Ponzi scheme in which he stole a total of £14,545,594 from 55 clients over ten years. Many of his victims came from the Jewish community, and some told the court in his 2018 trial that they had been reduced to penury as a result of David’s actions. One man said he had contemplated suicide.
Freddy David had used the money he stole from clients to fund heavy gambling, pay his children’s school fees, and take luxury holidays. He also opened a kosher restaurant, Let’s Meat, in Borehamwood.
In July last year confiscation hearings were held at Southwark Crown Court in which he was ordered to pay £1,340,111. It was a fraction of what he owed his victims but the judge ruled that he should be made to pay “a realistic sum”. He repaid £537,566.91, but there was a ruling that if the full sum were not repaid his prison sentence would be extended to eight years.
As it is, David is out of prison on licence and if he breaks any of the restrictions conditional on his release, he could return to jail. A spokesman for the Ministry of Justice said he had not been released earlier than usual. Most prisoners convicted of white-collar crimes can expect to be released after serving half their sentence.
He has been banned for life from taking part in any sort of financial advisory role. The City regulator, the Financial Conduct Authority, ruled: “The authority considers that his convictions demonstrate a clear and serious lack of honesty and integrity such that he is not fit and proper to perform regulated activities”.
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