“This was the second arrest in the City of London Police’s investigation into HBFS Financial Services Limited.
“He was re interviewed at Bishopsgate police station on Monday 15 January 2018 and has now been released under police investigation.
“The City of London Police can also confirm that a 49 year old male from Borehamwood has been arrested and he has now been released under police investigation.”
Rabbi Silverstone has worked for the wealth management company since April 2013.
He had previously worked as the Manchester director of Aish HaTorah for over nine years having studied in the Mir Yeshiva in Jerusalem before qualifying as a rabbi at Aish Yeshiva
In a statement on Monday evening, Rabbi Silverstone’s lawyer Daniel Berke said:“Rabbi Benji Silverstone has spoken at length to the police about his involvement with HBFS.
“The police have today released him from bail and are not pursuing any criminal charges against him.“
City of London Police arrested Freddy David, 49, the managing director of HBFS Wealth Management, on suspicion of fraud and money-laundering last month.
HBFS customers were advised by the police “to check the status of any investments made through HBFS and, if they have any concerns, to contact City of London police.”
HBFS was required to cease advertising its services in all forms and to write to all existing customers to confirm that it is prevented from holding client money. According to its website, HBFS provides wealth management, inheritance tax solutions, and fund management portfolios for self-invested personal pensions.
