"From Wealth Manager to Racecourse Rogue: John Dance’s £64m Fraud Allegations"

From wealth management to horseracing’s inner circle, John Dance seemed to embody the entrepreneurial spirit: sharp suits, high-profile investments, and a reputation as a man who got things done. Unfortunately for his clients, what he was getting done—allegedly—was siphoning £64 million of their hard-earned cash into his own accounts to fund a lifestyle worthy of a Netflix villain.

Now charged with 9 criminal offences, including fraud and money laundering, Dance is accused of turning his position as principal partner at WealthTek LLP (formerly Vertus Asset Management) into a personal piggy bank. According to the Financial Conduct Authority (FCA), Dance transferred millions from client accounts into his own, spending the loot on everything from luxury properties to a nightclub and even a string of racehorses, including Bravemansgame, purchased for £723,000 in 2019.

Horseracing and the High Life

Horseracing enthusiasts might remember Dance as the man behind Bravemansgame, the Grade 1-winning chaser who lit up the National Hunt scene. But while the gelding’s form was dazzling, the source of his funding was allegedly less so. The FCA claims that Dance’s horseracing investments, totaling hundreds of thousands, were funded with money stolen from his clients—people who trusted him to safeguard their futures, not bet it all on the 3:30 at Kempton.

It’s not just racehorses, though. The charges paint a picture of a man enjoying the finer things in life at others’ expense:

• £806,500 in 2014 and £3.9m in 2020 on residential and commercial property.

• A nightclub, presumably for those all-important post-race celebrations.

• Falsified documents and regulatory sleight of hand, to keep the ruse alive.

Wealth Management or Wealth Vanishment?

Dance’s alleged exploits at WealthTek highlight just how catastrophic it can be when trust is abused in the financial sector. Before obtaining direct FCA authorisation in 2020, WealthTek operated under Sapia Partners LLP, supposedly providing oversight. But the FCA now claims Dance used his position to funnel client funds into his personal empire for almost a decade, from 2014 to 2023.

This is more than just a story of one man’s greed—it’s a cautionary tale about the blind spots in financial regulation. For years, Dance allegedly forged documents and made false representations about WealthTek’s regulatory status, duping not just his clients but the very systems designed to prevent this kind of fraud.

The FCA Strikes Back

The FCA has taken the rare step of calling this one of the “most serious and largest frauds” it has ever investigated, and for good reason. The speed of the case is striking too: just 21 months from the investigation’s opening to criminal charges—a sprint compared to the FCA’s average case timeline of 42 months. Clearly, when £64 million goes missing, urgency becomes the watchword.

Clients affected by WealthTek’s collapse have started receiving their assets and compensation, with 84% being compensated in full. Meanwhile, Dance himself has been released on bail and will face the music in January at North Tyneside Magistrates' Court.

Lessons from the Bravemansgame

Horseracing, glitz, and glamour have always had a whiff of high stakes, but Dance’s alleged misuse of client funds takes it to a new level. The FCA’s restraint order ensures that any remaining assets will be preserved for confiscation—provided Dance is convicted. Still, the damage to the industry’s reputation, particularly in wealth management, lingers like a bad smell in the paddock.

For punters and investors alike, the moral of the story is painfully clear: whether it’s the 2:45 at Haydock or a high-flying wealth management firm promising you the world, the odds aren’t always in your favour.

As for Dance, whether he ends up in prison or back at the races remains to be seen. But one thing’s for sure: this isn’t the kind of form anyone wants to remember.