Notorious former adviser Freddy David admitted obtaining money by deception from his victims – many of whom are elderly and unable to recover the money. However, instead of investing the money, David used the cash to fund his online gambling habit – wagering £15.6m ($20.5m, €17.5m), including £240,000 in one day. The scheme was unpicked when the regulator became suspicious and began collaborating with experts in the City of London Police. “This fraud has caused significant emotional distress and financial harm to the victims involved, many of whom invested their life savings in HBFS. Some victims are retired and are not in a position to recover the money lost.”David was also barred from holding a directorship for 10 years.