WealthTek boss John Dance has been charged with nine criminal offences, including several counts of fraud totalling £64m as well as money laundering, the Financial Conduct Authority (FCA) has confirmed.
Dance, the principal partner at the wealth management firm, has been accused of fraudulently abusing his position for personal gain. The FCA said between 2014 and 2023, Dance transferred more than £64m from client accounts to his control. The funds were then used to fund a "lavish lifestyle". He is also accused of using the funds to back business ventures such as racehorses and a nightclub. WealthTek was formerly known as Vertus Asset Management (Vertus). The FCA explained that prior to WealthTek obtaining direct authorisation from the regulator in 2020, Vertus operated first as a tra...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
