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UK $80 Million WealthTek Fraud Court Trial Scheduled for 2027 September, UK Financial Conduct Authority Filed Lawsuit in 2024 December Against Wealth Management Firm WealthTek Principal Partner John Dance for Fraud & Money Laundering by Transferring $80 Million of Client Funds to Fund Lavish Lifestyle, Business Interests, Horseracing & Nightclub
4th March 2025 | Hong Kong
The UK $80 million WealthTek fraud court trial has been scheduled for 2027 September. In 2024 December, the UK Financial Conduct Authority (FCA) has charged wealth management firm WealthTek Principal Partner John Dance for fraud & money laundering by transferring $80 million (£64 million) of client funds to fund his lavish lifestyle, business interests, horseracing & nightclub. WealthTek was previously known as Vertus Asset Management. UK FCA (25/2/25): “A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings brought by the FCA against John Dance, the former WealthTek LLP principal partner. Mr Dance was charged in December 2024 with alleged misappropriation of £64 million of customer funds between 2014 and 2023. On 24 February 2025, at a plea and trial preparation hearing at Southwark Crown Court, John Dance pleaded not guilty to three counts of fraud by abuse of position and three counts of fraud by false representation. Separately, it has been ordered by the High Court, following an application by the FCA and consented to by John Dance, that the civil proceedings brought by the FCA in April 2023 will remain paused until the conclusion of the criminal proceedings or until further order by the Court.” UK FCA (18/12/24): “The FCA has charged John Dance with 9 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 (Vertus)), 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 £64m 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 6 racehorses, including Bravemansgame in 2019, and £806,500 in 2014 and £3.9m in 2020 to purchase residential and commercial property. Mr Dance is also charged with 3 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 at 2pm 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.”
“ UK $80 Million WealthTek Fraud Court Trial Scheduled for 2027 September, UK Financial Conduct Authority Filed Lawsuit in 2024 December Against Wealth Management Firm WealthTek Principal Partner John Dance for Fraud & Money Laundering by Transferring $80 Million of Client Funds to Fund Lavish Lifestyle, Business Interests, Horseracing & Nightclub “
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UK Financial Conduct Authority Charged Wealth Management Firm WealthTek Principal Partner John Dance for Fraud & Money Laundering by Transferring $80 Million of Client Funds to Fund Lavish Lifestyle, Business Interests, Horseracing & Nightclub
1st January 2025 – The UK Financial Conduct Authority (FCA) has charged wealth management firm WealthTek Principal Partner John Dance for fraud & money laundering by transferring $80 million (£64 million) of client funds to fund his lavish lifestyle, business interests, horseracing & nightclub. WealthTek was previously known as Vertus Asset Management. UK FCA (18/12/24): “The FCA has charged John Dance with 9 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 (Vertus)), 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 £64m 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 6 racehorses, including Bravemansgame in 2019, and £806,500 in 2014 and £3.9m in 2020 to purchase residential and commercial property. Mr Dance is also charged with 3 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 at 2pm 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.”
Notes
- John Dance was born on 5 November 1974.
- This case took 21 months from opening in March 2023 to bringing criminal charges – compared to an average of 42 months for cases closed in 2023/24. This is an example of how the FCA is improving the pace of its enforcement investigations.
- Fraud by abuse of position is an offence under sections 1 and 4 of the Fraud Act 2006 (3 offences).
- Fraud by false representation is an offence under sections 1 and 2 of the Fraud Act 2006 (3 offences).
- Converting or transferring criminal property is an offence under section 327(1) of the Proceeds of Crime Act 2002 (3 offences).
- WealthTek LLP was regulated by the FCA from 27 January 2020 until 4 April 2023 when the FCA took action to order the firm to cease operations and to appoint Special Administrators.
- The FCA has previously obtained a restraint order against John Dance which remains in place. The purpose of a restraint order is to preserve assets to make them available for a future confiscation order, an order which can only be made following a conviction in criminal proceedings.
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