Investors owed £13m as HBFS is wound-up

THE WEALTH management company HBFS Financial Services Ltd is being wound up — with more than £13 million still owed to investors.

A letter sent to “all known creditors” by licensed insolvency practitioners B&C Associates confirmed that a resolution to wind up the company has been passed by shareholders and states that the firm’s directors have “decided to take steps to place it into creditors’ voluntary liquidation”.

The summary of HBFS’s current assets, signed by managing director Freddy David, suggests there is only £459,710 available to pay back creditors.

The Hertfordshire-based firm had many Jewish clients, and targeted

THE BOARD of Deputies has complained to a Catholic newspaper that published an antisemitic picture above a letter which complained about another instance of antisemitism in the publication.

Anthony Silkoff, the Board’s Interfaith and Social Action officer, wrote to the Catholic Times about a reader’s letter which had complained about “a dramatic increase in Jewish voices on the radio”, as well as a “Jewish comedian” using sexual slang.

Mr Silkoff described the original letter as “racist drivel”.

The Manchester-based Catholic Times published Mr Silkoff’s letter a fortnight ago, along with a message from Kevin Flaherty, its editor, saying the paper “takes the issue of antisemitism very seriously and apologises for any unintended offence to the Jewish community”.

But on the same page, in connection with a letter about the “dangers lurking in the masonic system of philosophy”, the paper published a picture showing “a masonic candidate ready for initiation”.

The man, blindfolded with his trouser leg rolled up, was standing in front of a door with two Stars of David above it.

Freemasonry involves a significant number of symbols, including the Star of David.

However, as Mr Silkoff highlighted, the picture of the man was taken from a Nazi-era antisemitic pamphlet about investors in the community. The JC has seen a copy of the letter, sent by B&C on February 8, which included a list of names of those now owed money by the firm.

The money owed to the 61 creditors listed totals £13,301,696. But there are believed to be other investors whose names do not appear on the letter.

Among those listed are prominent members of the Jewish community, and elderly investors, many who are thought to live in residential or care homes.

The letter also confirms that following the arrest of Mr David last Novem- Mr Silkoff’s letter (above) was printed under an image from an antisemitic Nazi pamphlet

Jews using Freemasonry for subversion.

In a second letter to the Catholic Times, Mr Silkoff wrote: “At best, this is an incredibly grave mistake for you to use this Nazi image, and especially to use it on the same page where you had to print an apology for antisemitism.

“Where did you find this Nazi image and how did it end up in your paper?”

Mr Silkoff told the JC: “This episode has caused such concern because the Board really values the strong relationship we have with Catholics in Britain.

“We cooperate on lots of issues, particularly education and faith schools.

Our many friends in the Catholic church will be just as surprised as us to see this happen twice.”

Mr Flaherty said: “I had no idea the photograph was an antisemitic image.”

He said he had found the image on Google and not checked its source. ber, the police “contacted affected clients and encouraged them to claim their money back”. But it adds: “The company did not have sufficient funds to repay all the clients claiming at the same time.”

The letter said HBFS had made nine members of the firm’s staff redundant on January 31 and that while some salaries have been paid up to date, “employees will be owed redundancy entitlements”.

Meanwhile in a post on the website of The Gazette, the official public record, notice was given of a meeting called by HBFS creditors on March 5 at the Village Hotel in Elstree.

The meeting will discuss the appointment of B&C Associates as the nominated liquidator. Creditors are entitled to nominate a different liquidator if more than 10 per cent of them raise objections to the directors’ choice of firm.

City of London Police arrested Mr David, 49, who is Jewish, on suspicion of fraud and money laundering last November. Rabbi Benji Silverstone, head of investment company HBFS Wealth Management’s Manchester office, was also arrested in December.

Both men remain under police investigation.

Nine staff members were made redundant in January