Top racehorse owner hit with nine criminal charges over 'one of the largest frauds ever'
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Top racehorse owner and sponsor John Dance has been charged with nine criminal offences for his alleged involvement 'in one of the most serious and largest frauds” ever investigated by the UK’s financial regulator. Dance owned a string of racehorses based in Middleham, Yorkshire, enjoying Classic success with multiple Group 1 winner Laurens on the Flat and over jumps as part owner of the King George VI Chase winner and Cheltenham Gold Cup second Bravemansgame.
The 50-year-old also became a major sponsor in the sport when his wealth management business backed the Group 1 race, the Vertem Asset Management Trophy at Doncaster. In 2023 Dance’s firm was ordered to cease operations by the Financial Conduct Authority while it examined the operation of the business.
On Wednesday the FCA announced it had charged Dance with nine offences, including multiple counts of fraud and money laundering. A statement said: “John Dance was principal partner at WealthTek LLP (formerly known as Vertus Asset Management LLP (Vertus)), a wealth management firm.
“Prior to WealthTek obtaining direct authorisation from the FCA in 2020, Vertus operated first as a trading name and then as an appointed representative of Sapia Partners LLP (Sapia), meaning they could carry out certain regulated activities under Sapia’s supervision.
“Mr Dance is accused of fraudulently abusing his position of trust at Vertus and WealthTek for his own personal gain. Between 2014 and 2023, Mr Dance transferred over £64m from client accounts of Vertus and WealthTek to accounts he controlled, which the FCA alleges he used to fund a lavish lifestyle and other business interests including horseracing and a nightclub.
