Freddy David, the former HBFS Financial Services managing director, has been charged with fraud offences.

Mr David, 49, from Borehamwood, attended Bishopsgate Police Station on Thursday and was released on bail to the City of London Magistrates' Court.

He was charged with obtaining money transfer by deception and fraud by abuse of position.

The case is being investigated as part of the City of London Police’s role as national lead force for fraud following a referral from the Financial Conduct Authority.

Mr David was first arrested on November 9 last year.

A spokesman said: “The City of London Police started investigating the case relating to Freddy David and the company HBFS Financial Services in May 2017 following a referral from the Financial Conduct Authority. 

“David was arrested on 9 November 2017 and he was released on bail.”

In December 2017, a 40-year-old man from Salford, Lancashire, was arrested in relation to the investigation, but he has since been released with no further action against him. 

Mr David will appear at City of London Magistrates' Court on July 2.