Fraud investigation dropped against Manchester rabbi who heads investment firm


(JTA) — London police have dropped a fraud investigation against a rabbi in Manchester who heads an investment firm, the rabbi’s attorney said.

Benji Silverstone, who heads the HBFS Wealth Management office in the British city, was arrested in late December on suspicion of conspiracy to commit fraud in the wake of other arrests at the company. He has worked there for nearly five years after serving over nine years as the Manchester director of the Jewish outreach group Aish Hatorah.

His attorney told the Jewish Chronicle that the police released Silverstone from bail and are not pursuing any criminal charges against him.

In December, London police arrested the managing director of HBFS on suspicion of fraud and money laundering, according to the Chronicle. Freddy David joined the company in 2000 having worked as a corporate manager at Barclays Bank.

HBFS customers were advised “to check the status of any investments made through HBFS and, if they have any concerns, to contact City of London Police.”

HBFS also was required to cease advertising its services and to write to 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.

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