LEADING racehorse owner John Dance has been hit with nine charges in ‘one of the largest frauds ever investigated’.
The man who led the likes of King George winner Bravemansgame back into the winners’ enclosure is accused by the Financial Conduct Authority of transferring over £64million of clients’ money to ‘fund a lavish lifestyle’.
AlamyLeading owner John Dance, right, has been hit with nine charges for his alleged role in ‘one of the largest frauds ever investigated’[/caption]
Dance was principal partner at wealth management firm WealthTek LLP, where he is alleged to have fraudulently abused his position of trust.
A DJ in his spare time, Dance, who recently turned 50, is alleged to have ‘laundered the proceeds of his criminality through his personal and business bank accounts’.
This is alleged to have included the transfer of £723,000 to buy six racehorses, including Bravemansgame in 2019.
An FCA statement read: “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 at 2pm on 3 January 2025.
“The Restraint Order obtained by the FCA against Mr Dance remains in place.”
Therese Chambers, joint executive director of enforcement and market oversight, said: “This is one of the most serious and largest frauds we have ever investigated.
“We allege that over a period of many years Mr Dance diverted millions of client funds for his own benefit, telling lies and forging documents to cover his tracks.
“We know this has been a worrying time for people who had their investments caught up in WealthTek and we have tried to keep everyone updated as best we can, given the criminal nature of the offences under investigation.
“We’re pleased that clients are now seeing their assets returned.”
In March this year Dance sold 50 of his horses – including his share of Bravemansgame – after he was first accused of masterminding ‘one of the biggest frauds ever’.
He was arrested last April amid reports of an alleged £80m blackhole in client funds, before the investigation was confirmed by the FCA in June.
In November last year, a freezing order against him was upgraded to a restraint order under the Proceeds of Crime Act.
While in January this year the FCA applied to have the probe into possible regulatory breaches postponed so any alleged criminal offences of fraud and money laundering could be prioritised.
This was approved by a judge after hearing evidence from the FCA.
Dance, a big-time owner on the Flat and jumps who regularly featured in ITV coverage, has never responded to the allegations.
He also previously owned six-time Group 1-winning filly Laurens, who claimed just shy of £1.8m prize money.
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