Leading racehorse owner John Dance charged in ‘one of largest frauds ever investigated’
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Dance, who owned six-time Group 1 winner Laurens and co-owned Cheltenham Gold Cup runner-up Bravemansgame, has been charged with nine criminal offences. John Dance, well known in horse racing circles for his ownership of six-time Group 1 winner Laurens, has been charged with nine criminal offences in “one of the most serious and largest frauds ever investigated” by the UK’s financial regulator.
![[Laurens was one of John Dance’s most successful horses with six Group 1 wins]](https://static.independent.co.uk/2024/12/19/15/PA-33268403.jpg)
The 50-year-old is accused by the Financial Conduct Authority (FCA) of transferring more than £64m from client accounts of a wealth management firm to fund his “lavish lifestyle” and business interests, including racing and a nightclub, between 2014 and 2023.
He was principal partner at WealthTek LLP, formerly known as Vertus Asset Management LLP, a prominent sponsor within racing, and also previously co-owned Bravemansgame, the runner-up in the 2023 Cheltenham Gold Cup. Dance “laundered the proceeds of his criminality through his personal and business bank accounts”, the FCA alleged.
The FCA, who opened the case 21 months ago in March 2023, said this included the transfer of £723,000 to buy six racehorses, including Bravemansgame in 2019, and £806,500 in 2014 and £3.9m in 2020 “to purchase residential and commercial property”.
Dance also faces three additional charges of dishonestly misrepresenting WealthTek’s regulatory permissions to facilitate his alleged fraud, the FCA said. WealthTek LLP is currently in special administration, a legal process used to manage insolvent financial firms.
