A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings brought against former WealthTek LLP principal partner, John Dance.

The Financial Conduct Authority (FCA) charged Dance with fraud and money laundering in December 2024, alleging that he misappropriated £64m of customer funds between 2014 and 2023.

He is facing a total of nine criminal offences, including money laundering, fraud by abuse of position, and fraud by false misrepresentation.

Dance first appeared North Tyneside Magistrates’ Court in January and pleaded not guilty to the nine charges.

Subsequently, on 24 February 2025 at a plea and trial preparation hearing at Southwark Crown Court, he pleaded not guilty to three counts of fraud by abuse of position and three counts of fraud by false representation.

The High Court has ordered, following an application by the FCA and consented to by 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.

WealthTek was a wealth management firm, which was previously known as Vertus Asset Management LLP.

Prior to WealthTek obtaining direct authorisation from the FCA in 2020, Vertus first operated as a trading name and then as an appointed representative of Sapia Partners LLP, meaning it could carry out certain regulated activities under Sapia’s supervision.

Dance was accused of fraudulently abusing his position of trust at Vertus and WealthTek for his own personal gain.

The FCA stated that, between 2014 and 2023, Dance transferred more than £64m from Vertus and WealthTek client accounts into accounts that he controlled, which the regulator alleged he used to fund a “lavish lifestyle” and other business interests.

It alleged that Dance laundered the proceeds through his personal and business bank accounts, including the transfer of £723,000 to purchase six racehorses in 2019, and £3.9m in 2020 to buy property.

Dance was also charged with a further three offences of dishonestly making false representations about WealthTek’s regulatory permissions to continue his alleged fraud.

---