WealthTek boss John Dance charged with £64m fraud and money laundering

The former head of North East wealth management firm WealthTek has been charged with a string of offences that regulators say helped fund a “lavish lifestyle” including racehorses and a Newcastle nightclub.

The Financial Conduct Authority (FCA) has charged John Dance with nine criminal offences, including fraud and money laundering, in what it has called one of the most serious and largest frauds it has investigated.

More than 18 months after Tyneside-based WealthTek was ordered to be closed, the financial watchdog has alleged the 50 year-old stockbroker fraudlently abused his position of trust at WealthTek and Vertus Asset Management LLP for his own personal gain.

Between 2014 and 2023 Mr Dance is said to have transferred more than £64m from client accounts to those he controlled. The FCA says he laundered the funds through his personal and business bank accounts including £723,000 to buy six racehorses, including the high profile Cheltenham Gold Cup runner-up Bravemansgame in 2019. He is also said to have transferred £806,500 in 2014 and £3.9m in 2020 to buy residential and commercial prope