The former managing director of a Hertfordshire wealth management firm has been charged with fraud by the City of London Police.
Freddy David, previously managing director of HBFS Financial Services, was charged with obtaining money transfers by deception and fraud by abuse of position.
David was released on bail to the City of London Magistrates Court on Thursday morning from Bishopsgate Police Station.
David was first investigated by the police following a tip off from the FCA in May 2017. After being arrested on 9 November last year, he was released on bail.
Hertfordshire-based HBFS was wound up in March and liquidator CG & Co has been appointed. According to reports the firm was wound up with £13m owing to investors.
An FCA and City of London police statement says the parties are working closely on the investigation, and customers should contact police if they have any concerns on the status of their investments.
He will reappear in court over the offences on 2 July.