UK Financial Conduct Authority (FCA) Fines Barclays Bank $56 Million in 2 Cases of Financial Crime Risk Management Failures (WealthTek and Stunt & Co), 1) Failed to Check Sufficient Information on Money Laundering Risk Before Opening Client Money Account for WealthTek with Ongoing Lawsuit Against WealthTek Principal Partner John Dance for Fraud & Money Laundering by Transferring $80 Million of Client Funds and 2) Failed to Managed Money Laundering Risks Resulting in Stunt & Co Receiving £46.8 Million from Money Laundering Operations (Fowler Oldfield)
17th July | Hong Kong
The UK Financial Conduct Authority (FCA) has fined Barclays Bank $56 million (£42 million) in 2 cases of financial crime risk management failures (WealthTek and Stunt & Co), 1) failing to check sufficient information on money laundering risk before opening client money account for WealthTek with ongoing lawsuit against WealthTek Principal Partner John Dance for fraud & money laundering by transferring $80 million of client funds and 2) failing to managed money laundering risks resulting in Stunt & Co receiving £46.8 million from money laundering operations (Fowler Oldfield). UK FCA (16/7/25): “The FCA has fined Barclays Bank UK PLC and Barclays Bank PLC a total of £42 million for separate instances of failings in its financial crime risk management – one relating to WealthTek and one relating to Stunt & Co. Barclays Bank UK PLC will make a voluntary payment to WealthTek’s clients. In the first case, Barclays Bank UK PLC failed to check it had gathered sufficient information to understand the money laundering risk, before opening a client money account for WealthTek. One simple check it could have done was to look at the Financial Services Register before opening the account. Had it done so, it would have seen that WealthTek was not permitted by the FCA to hold client money. Without the right information about WealthTek and how the account would be used, there was an increased risk of misappropriation of client money or money laundering. Clients went on to deposit £34 million into the account. Barclays has agreed to make a voluntary payment of £6.3 million to WealthTek’s clients who have a shortfall in the money they have been able to reclaim. In December 2024, the FCA separately charged WealthTek’s principal partner with multiple criminal offences, including money laundering and fraud. In the second case, the FCA has fined Barclays Bank PLC £39.3 million for failing to adequately manage money laundering risks associated with providing banking services to Stunt & Co. Barclays did not gather enough information at the start of the relationship or carry out proper ongoing monitoring. In the space of just over a year, Stunt & Co received £46.8 million from Fowler Oldfield, a multimillion-pound money laundering operation. Barclays failed to properly consider the money laundering risks associated with the firm even after receiving information from law enforcement about suspected money laundering through Fowler Oldfield, and after learning that the police had raided both firms. Barclays only conducted a review of its exposure to Fowler Oldfield through its customers, including Stunt & Co, after it learned of the FCA’s decision to prosecute NatWest over their relationship with Fowler Oldfield. By providing banking services to Stunt & Co, Barclays facilitated the movement of funds linked to financial crime. Barclays continues to engage and invest in a significant remediation programme to enhance its anti-money laundering control framework. Financial crime is highlighted by the FCA as a priority for retail banks in its 2024 supervisory strategy. The FCA continues to supervise firms to improve standards and ensure that they have the right systems and controls to manage financial crime risks.” In 2025 March, the UK $80 million WealthTek fraud court trial is scheduled for 2027 September. In 2024 December, the UK Financial Conduct Authority (FCA) 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 Financial Conduct Authority (FCA) Fines Barclays Bank $56 Million in 2 Cases of Financial Crime Risk Management Failures (WealthTek and Stunt & Co), 1) Failed to Check Sufficient Information on Money Laundering Risk Before Opening Client Money Account for WealthTek with Ongoing Lawsuit Against WealthTek Principal Partner John Dance for Fraud & Money Laundering by Transferring $80 Million of Client Funds and 2) Failed to Managed Money Laundering Risks Resulting in Stunt & Co Receiving £46.8 Million from Money Laundering Operations (Fowler Oldfield) “
Notes
- Final Notice 2025: Barclays Bank UK plc and Final notice 2025: Barclays Bank plc.
- In the first case, Barclays Bank UK PLC was fined £3,093,600, reduced from £4,419,500 following early settlement.
- Updates from WealthTek’s administratorsLink is external
. - 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.
- Until recently, the FCA has prioritised our investigation into Mr Dance. Consideration was subsequently given to what further regulatory action might be appropriate. The investigation into Barclays Bank UK PLC was opened in April 2025 and concluded within three months. Barclays’ extensive cooperation contributed to this expedited outcome. This, together with Barclays’ agreement to make a voluntary payment, led to a significant reduction in its financial penalty.
- In respect of the second case, Barclays Bank PLC was fined £39,314,700, reduced from £56,163,900 following early settlement.
- On 4 March 2025 Gregory Frankel and Daniel Rawson, who were both directors of Fowler Oldfield, were convicted of money laundering and sentencedLink is external
to more than 11 years and 10 years in prison respectively. James Stunt, the Director and owner of Stunt & Co, was acquitted of money laundering charges in relation to money received by Stunt & Co from Fowler Oldfield. - We previously fined Barclays for failings in financial crime controls in 2022 and 2015.
- Find out more information about the FCA.
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 – 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 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.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
