Former racehorse owner denies £64m fraud
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Leading former racehorse owner John Dance has appeared in court to deny taking more than £64 million from wealth management fund clients for himself. The 50-year-old businessman, who lives in Murton Village, Newcastle, pleaded not guilty to nine criminal charges including fraud by abuse of position, fraud by false misrepresentation and money laundering.
The alleged offences cover the period from February 2014 until March 2023. Dance, once a part-time DJ and former nightclub owner, was the principal partner at wealth management fund Vertus Asset Management, which later became the firm WealthTek. He is accused of using some of the money from the alleged fraud to buy racehorses.
Dance owned several horses, including Bravemansgame which won the King George VI Chase at Kempton in 2022. The horse is no longer in his ownership. Dance appeared at North Tyneside Magistrates’ Court for a 15-minute hearing on Friday. Wearing a shirt and tie under a blue jacket, the crop-haired defendant confirmed his name, age and address.
He answered “not guilty” in a hushed voice to each of the nine charges read out by the clerk. Helen Law, prosecuting, outlined the allegations against Dance as being £64 million worth of fraud from his clients while he was a partner in the wealth management firm, which related to three charges of fraud by abuse of position.
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