John Dance: Former racehorse proprietor charged with 9 offenses in Monetary Conduct Authority fraud investigation | Racing Information

John Dance has been charged with 9 legal offenses in reference to “some of the severe and important frauds ever investigated” by the UK monetary regulator.

Former principal proprietor is accused by the Monetary Conduct Authority (FCA) of transferring greater than £64 million from a wealth administration firm’s buyer accounts to fund his ‘lavish way of life’ and enterprise pursuits , together with horse racing and a nightclub, between 2014 and 2023. .

He was a senior associate at WealthTek LLP, previously referred to as Vertus Asset Administration LLP, a significant motor racing sponsor, and in addition owned a number of Group 1 winners Laurens and was beforehand half proprietor of Bravemansgame, runner-up within the Cheltenham Gold Cup 2023.

Dance “laundered the proceeds of his crime via his private and enterprise financial institution accounts,” the FCA alleged.

The FCA stated this included transferring £723,000 to buy six racehorses, together with Bravemansgame in 2019, and £806,500 in 2014 and £3.9 million in 2020 “to buy residential and business properties”.

The 50-year-old additionally faces three further fees of dishonestly misrepresenting WealthTek’s regulatory authorizations to facilitate his alleged fraud, the FCA stated.

WealthTek LLP is at present underneath particular administration, a authorized process used to handle bancrupt monetary firms.

Round 84 % of affected clients are anticipated to be totally compensated, in accordance with the FCA.

Therese Chambers, Co-Government Director of Enforcement and Market Surveillance on the FCA, stated: “This is likely one of the most severe and important frauds we now have ever investigated.

“We allege that for a few years, Mr. Dance embezzled tens of millions of consumer funds for his personal profit, mendacity and falsifying paperwork to cowl his tracks.

“We all know this has been a worrying time for individuals whose investments have been overtaken by WealthTek and we now have tried to maintain everybody knowledgeable as greatest we will, given the legal nature of the offenses being investigated. an investigation.

“We’re happy that clients will now have their property returned.”

Dance has been launched on bail and can seem at North Tyneside Magistrates’ Court docket on January 3, 2025.

He faces three counts of fraud by abuse of authority, three counts of fraud by misrepresentation and three counts of conversion or switch of legal property.

The FCA case opened 21 months in the past in March 2023.