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. Eight MPs call on Chancellor to investigate FCA's WealthTek crackdown WealthTek was formerly known as Vertus Asset Management (Vertus). The FCA explained that prior to WealthTek obtaining dir...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
