The UK’s financial regulator has charged John Dance, a former principal partner at WealthTek LLP, with fraud and laundering over £64 million ($81.31 million) misappropriated from client accounts.
The Financial Conduct Authority (FCA) has accused Dance of misusing his position at the wealth management firm between 2014 and 2023 to fund a lavish lifestyle and personal ventures. These ventures reportedly included investments in horse-racing and the operation of a nightclub. Neither WealthTek nor Dance responded to Reuters’ requests for comment.
The FCA has been conducting a regulatory and criminal investigation into both WealthTek and Dance since 2023. The probe centers on potential breaches involving client money and custody assets.
WealthTek was placed under special administration in April 2023. The firm is currently working, with court approval, on plans to return funds and assets to affected clients.
In a statement, the FCA emphasized the gravity of the case, declaring, “This is one of the most serious and largest frauds we have ever investigated.”
Dance is facing nine criminal charges, including fraud and money laundering, along with three additional charges for allegedly making false representations regarding WealthTek’s regulatory permissions.
By fLEXI tEAM
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