UK financial regulators have charged John Dance, former principal partner of WealthTek LLP, with nine criminal offenses in what officials describe as one of the most serious fraud cases ever investigated by the Financial Conduct Authority (FCA).

UK Wealth Manager Charged in £64 Million Client Fund Fraud

The charges allege that Dance orchestrated a sophisticated scheme spanning nearly a decade, systematically diverting more than £64 million from client accounts for personal use. The investigation revealed a pattern of potentially fraudulent activities between 2014 and 2023, during which Dance allegedly channeled client funds into accounts under his control.

“This is one of the most serious and largest frauds we have ever investigated,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. “We allege that over a period of many years, Mr Dance diverted millions of client funds for his own benefit, telling lies and forging documents to cover his tracks.”

The 49-year-old wealth manager allegedly used misappropriated funds to finance an extravagant lifestyle, including significant investments in horseracing and nightclub ventures.

In April 2023, Finance Magnates reported that the FCA directed WealthTek LLP, operating under the trade names Vertem Asset Management and Malloch Melville, to halt operations immediately due to significant regulatory and operational concerns.