UK Investment Manager Sapia Partners to Pay $26.4 Million (£19.6 Million) Compensation to Wealth Management Firm WealthTek Clients with Shortfall for Failure to Protect Clients Money from WealthTek, UK FCA Charged WealthTek Principal Partner John Dance for Fraud & Money Laundering by Transferring $80 Million of Client Funds to Fund Lavish Lifestyle, Business Interests, Horseracing & Nightclub
24th April 2026 | Hong Kong
UK investment manager Sapia Partners has agreed to pay $26.4 million (£19.6 million) compensation to UK wealth management firm WealthTek clients with shortfall, for failure to protect clients money from WealthTek. 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. In 2025 February, UK $80 million WealthTek fraud court trial is 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 Financial Conduct Authority (FCA) 23/4/26): “Sapia has agreed to make a voluntary payment of £19,637,950 to WealthTek clients and the FCA has censured the firm. Sapia began working with WealthTek in 2013 and later appointed it as one of its appointed representatives. This resulted in Sapia holding and being responsible for protecting client money resulting from WealthTek’s activities. The FCA found Sapia did not put enough safeguards in place to protect this money. Sapia has admitted that it failed to properly separate key roles within its business relating to client money. People who could make payments from client money accounts also carried out the checks of those accounts required by FCA rules. This lack of separation increased the risk that client money could be lost because of, for example, misuse or poor management. The voluntary payment will be distributed to WealthTek 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. The FCA concluded its investigation in 12 months. This is an example of how we are improving the pace of our investigations.”
“ UK Investment Manager Sapia Partners to Pay $26.4 Million (£19.6 Million) Compensation to Wealth Management Firm WealthTek Clients with Shortfall for Failure to Protect Clients Money from WealthTek, UK FCA Charged 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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Notes:
- Final Notice 2026: Sapia Partners LLP (PDF).
- From incorporation on 24 May 2010 and until 13 January 2021, WealthTek LLP was called Vertus Asset Management LLP.
- WealthTek LLP was an appointed representative of Sapia from 2017 until becoming directly authorised by the FCA from 28 January 2020 until 4 April 2023 when the FCA took action to order the firm to cease operations and to appoint Special Administrators. Clients can see updates from WealthTek’s administratorsLink is external
- Were it not for Sapia’s agreement to make the voluntary payment of £19.6m (with the assistance of its ultimate parent company), to be distributed to WealthTek’s clients with a shortfall in the money they have been able to reclaim, and Sapia’s cooperation throughout the investigation, the FCA would have imposed on Sapia a penalty of £7,412,000 (after the 30% discount for agreeing to settle the matter).
- Of the £19.6m, WealthTek’s administrators will receive £19.1m and the Financial Services Compensation Scheme (FSCS) will receive £500,000 (in accordance with its statutory duties to pursue recoveries where reasonably possible and cost effective). Once FSCS has concluded any further recoveries actions, it will proceed to make distributions of any surplus to WealthTek’s FSCS eligible clients under the rules set out in the Compensation Sourcebook of the FCA’s Handbook.
- 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.
- The FCA fined Barclays Bank UK PLC £3,093,600 for poor handling of financial crime risks in relation to a client money account opened by WealthTek. Barclays also agreed to make a voluntary payment of £6.3m for distribution to WealthTek’s clients who have a shortfall in the money they have been able to reclaim.
- Firms need to comply with Principle 10 of the FCA’s Principles for Businesses and follow the client money rules in FCA’s Client Assets Sourcebook (CASS) to ensure they arrange adequate protection for client money. This applies to client money received from a firm’s own activities or from those of its appointed representatives.
- 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.
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