Racehorse owner John Dance has been charged with nine criminal offences in “one of the most serious and largest frauds ever investigated” by the UK's financial regulator.
Dance is accused by the Financial Conduct Authority (FCA) of transferring more than £64 million from client accounts of a wealth management firm to fund his “lavish lifestyle” and business interests between 2014 and 2023.
The 50-year-old was principal partner at WealthTek LLP, formerly known as Vertem Asset Management LLP, a prominent sponsor within racing. He also owned the multiple Group 1 winner Laurens (Fr) and previously co-owned Bravemansgame (Fr), the runner-up in the 2023 Cheltenham Gold Cup.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said, “This is one of the most serious and largest frauds we have ever investigated.
“We allege that over a period of many years Mr Dance diverted millions of client funds for his own benefit, telling lies and forging documents to cover his tracks.
“We know this has been a worrying time for people who had their investments caught up in WealthTek and we have tried to keep everyone updated as best we can, given the criminal nature of the offences under investigation.
“We're pleased that clients are now seeing their assets returned.”
Approximately 84% of affected clients are expected to be fully compensated, according to the FCA, while Dance has been released on bail to appear at North Tyneside Magistrates' Court on Friday, January 3.
He faces three counts of fraud by abuse of position, three counts of fraud by false representation and three counts of converting or transferring criminal property.
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