The Financial Conduct Authority announced that Southwark Crown Court has scheduled a September 2027 trial in its criminal proceedings against John Dance, the former principal partner of WealthTek LLP, concerning the alleged misappropriation of GBP 64 million of customer funds between 2014 and 2023. At a plea and trial preparation hearing on 24 February 2025, Dance pleaded not guilty to three counts of fraud by abuse of position and three counts of fraud by false representation. The FCA has brought nine alleged offences relating to fraud and money laundering, including three offences of converting or transferring criminal property under the Proceeds of Crime Act 2002. The High Court has also ordered, following an FCA application and with Dance’s consent, that the FCA’s civil proceedings issued in April 2023 remain paused until the criminal proceedings conclude or the court orders otherwise; those civil proceedings had been stayed since 1 March 2024. A restraint order against Dance remains in place, and the FCA noted the case took 21 months from opening in March 2023 to criminal charges, compared with an average of 42 months for cases closed in 2023/24.
Financial Conduct Authority 2025-02-24
Financial Conduct Authority sets September 2027 trial date as John Dance pleads not guilty in WealthTek GBP 64 million fraud case
The Financial Conduct Authority (FCA) announced a September 2027 trial for John Dance, former principal partner of WealthTek LLP, on charges of misappropriating GBP 64 million. Dance pleaded not guilty to six fraud charges, while the FCA pursues nine alleged offences, including money laundering. The High Court has paused related civil proceedings, and a restraint order against Dance remains in effect.