FCA charges former WealthTek partner

The FCA has brought criminal charges against John Dance, the principal partner at WealthTek LLP, in relation to 9 criminal offences, including multiple counts of fraud and money laundering. WealthTek, then known as Vertus Asset Management LLP, operated as first a trading name and then an AR of Sapia Partners before becoming directly authorised in 2020.

The FCA alleges that Mr Dance fraudulently abused his position of trust at the firm for his own personal gain, transferring over £64m from client accounts to accounts he controlled over a 9 year period. The FCA says Mr Dance laundered the proceeds of his criminality through his personal and business bank accounts, using it among other things to buy racehorses and property.

WealthTek has in special administration since April 2023 and its clients have begun to receive their assets back, with around 84% of people affected expected to be compensated in full. A restraint order is in place to preserve assets.