The convicted fraudster Freddy David has been ordered to pay over £1.3 million in compensation to his victims in three months or face an additional eight years in jail. 

David was jailed for six years in July 2018 after swindling 55 investors out of £14.5 million in a Ponzi scheme. 

The former managing director of Hertfordshir-based HBFS Financial Services admitted obtaining money transfer by deception and fraud by abuse of position. 

ON Tuesday at Southwark Crown Court Judge Deborah Taylor imposed a confiscation order requiring him to pay £1,340,111 to his victims.