Published by Global Banking & Finance Review®
Posted on December 18, 2024
1 min readLast updated: January 27, 2026
The FCA has charged John Dance with £64M fraud at WealthTek, alleging misuse of client funds for personal gain. The investigation began in 2023.
(Reuters) - Britain's financial watchdog said on Wednesday it has charged former principal partner at WealthTek LLP, John Dance, with fraud and laundering of over 64 million pounds ($81.31 million) from client accounts.
The Financial Conduct Authority (FCA) alleged that between 2014 and 2023, Dance misused his position at the wealth management firm to fraudulently fund a lavish lifestyle and personal businesses including horse-racing and a nightclub.
WealthTek and John Dance did not immediately respond to Reuters requests for comment.
FCA has been conducting a regulatory and criminal investigation into WealthTek and John Dance since 2023 for potential breaches impacting client money and custody assets.
The firm was put under special administration in April 2023 and, following court approval, plans are underway to return assets and money to affected WealthTek clients.
"This is one of the most serious and largest frauds we have ever investigated," FCA said in a statement.
Dance faces nine criminal offences related to fraud and laundering, along with three further offences for false representations about WealthTek's regulatory permissions.
($1 = 0.7871 pounds)
(Reporting by Raechel Thankam Job; Editing by Vijay Kishore)
The main topic is the FCA's charges against John Dance for a £64 million fraud involving WealthTek LLP.
John Dance allegedly misused client funds from WealthTek to fund personal businesses and a lavish lifestyle.
The FCA has charged John Dance with multiple offences and placed WealthTek under special administration.
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