Racehorse owning City trader John Dance is charged with nine offences in 'serious' fraud probe
Share:
One of the country’s best-known racing tycoons has been charged with nine criminal offences in ‘one of the largest frauds ever investigated’. Wealth manager John Dance allegedly took £64m of clients’ money to ‘fund a lavish lifestyle’ including buying racehorses, according to the financial watchdog.
![[Dance allegedly took £64m of clients’ money to ‘fund a lavish lifestyle’ including buying racehorses, according to the financial watchdog]](https://i.dailymail.co.uk/1s/2024/12/18/22/93294225-14207461-image-a-20_1734560292004.jpg)
One of these horses, Bravemansgame, won the King George VI Chase at Kempton Park two years ago - landing the 50-year-old one of the top prizes in British racing. Another horse he bought, Laurens, won six big races and bagged just under £1.8m in prize money.
![[Dance, who is a part-time DJ, is also accused of spending the money on buying a nightclub, as well as expensive properties (pictured with his horse Laurens)]](https://i.dailymail.co.uk/1s/2024/12/18/21/93293057-14207461-image-a-1_1734558127259.jpg)
Dance, who is a part-time DJ, is also accused of spending the money on buying a nightclub, as well as expensive properties. The Financial Conduct Authority (FCA) said it was ‘one of the most serious and largest frauds we have ever investigated’ after a probe that looked at incidents between 2014 and 2023.
![[John Dance (centre) accepting a trophy at Newmarket after his horse Laurens was the victor]](https://i.dailymail.co.uk/1s/2024/12/18/21/93293059-14207461-image-a-4_1734558732338.jpg)
In a rags-to-riches tale, Dance began his career stuffing envelopes in the post room of a stockbroking firm before going on to work at the London office of glitzy US investment bank Merrill Lynch. He went on to start his own company. Dance was the principal partner at wealth management fund Vertus Asset Management, which later went by the name of WealthTek.
![[The FCA have said their investigation is ‘one of the most serious and largest frauds' they have ever investigated (pictured: Dance (left) in Chantilly, France in June 2018)]](https://i.dailymail.co.uk/1s/2024/12/18/22/93293053-14207461-The_FCA_have_said_their_investigation_is_one_of_the_most_serious-a-52_1734561338484.jpg)
John Dance (far left) with his prize winning horse Laurens alongside rider P.J. McDonald and trainer Karl Burke. Dance allegedly took £64m of clients’ money to ‘fund a lavish lifestyle’ including buying racehorses, according to the financial watchdog.
