GFX Capital fund manager arrested for £40 million fraud
A London investment manager has been detained by financial crime police
LONDON - Police from the City of London's Economic Crime Department have arrested a man in connection with a fraud surrounding defunct hedge fund GFX Capital Markets. Investment fund manager Terry Freeman was arrested on February 9 on suspicion of money laundering and offences in violation of the Financial Services and Markets Act.
Police said they were looking at a "substantial" fraud at GFX, which ceased trading in January, but declined to comment further. It has been reported elsewhere that up to £40 million of investors' money is involved. Some investors have reportedly lost six-figure sums.
Sixty-year-old Freeman is believed to have specialised in foreign exchange trading and was described as a "quiet neighbour" until police stormed his house in Buckhurst Hill in Essex, on the outskirts of London. Police are still gathering information from GFX investors.
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