The UK Financial Conduct Authority (FCA) has charged John Dance with nine criminal offences, including multiple counts of fraud and money laundering.
John Dance was principal partner at WealthTek LLP (formerly known as Vertus Asset Management LLP), a wealth management firm.
Prior to WealthTek obtaining direct authorisation from the FCA in 2020, Vertus operated first as a trading name and then as an appointed representative of Sapia Partners LLP (Sapia), meaning they could carry out certain regulated activities under Sapia’s supervision.
Mr Dance is accused of fraudulently abusing his position of trust at Vertus and WealthTek for his own personal gain. Between 2014 and 2023, Mr Dance transferred over £64 million from client accounts of Vertus and WealthTek to accounts he controlled, which the FCA alleges he used to fund a lavish lifestyle and other business interests including horseracing and a nightclub.
The FCA alleges Mr Dance laundered the proceeds of his criminality through his personal and business bank accounts, including the transfer of £723,000 to purchase six racehorses, including Bravemansgame in 2019, and £806,500 in 2014 and £3.9 million in 2020 to purchase residential and commercial property.
Mr Dance is also charged with three further offences of dishonestly making false representations about WealthTek’s regulatory permissions to continue his alleged fraud.
Mr Dance has been released on bail and will appear at North Tyneside Magistrates’ Court on 3 January 2025. The Restraint Order obtained by the FCA against Mr Dance remains in place.
The special administration of WealthTek is continuing and its clients have begun to receive their assets and compensation. Approximately 84% of people affected will be compensated in full. The FCA will continue to work with all parties as both the WealthTek special administration and the criminal proceedings continue.
