Racehorse owner John Dance pleads not guilty to fraud and money laundering charges totaling £64 million in North Tyneside court
North Tyneside: So, John Dance, a racehorse owner, just showed up in court, right? He’s facing some serious charges—like fraud and money laundering that add up to over £64 million. Can you believe that?
He pleaded not guilty to nine different charges, which include fraud by abusing his position and some other tricky stuff. This all happened while he was a big shot at a wealth management firm called Vertus Asset Management, which later changed its name to WealthTek.
The allegations go back to 2014 and stretch all the way to 2023. Apparently, he’s accused of pulling off a £24.5 million fraud between 2014 and 2020, then another £33.4 million from 2020 to 2023, and a smaller one of £6.3 million from 2021 to 2023. That’s a lot of cash!
What’s wild is that some of the money he’s accused of laundering was used to buy racehorses. He owned a few, including one named Bravemansgame, which actually won a big race back in 2022. But he doesn’t have that horse anymore.
The prosecutor laid out the case, saying Dance swindled clients out of £64 million while he was with the firm. He’s got three charges of fraud by abusing his position and three more for using false documents. Plus, there are three money laundering charges tied to how he allegedly used the funds.
His lawyer, Josh Hart, said the main question for the trial is whether Dance acted dishonestly. Dance is adamant he didn’t do anything wrong. After hearing from both sides, the judge decided this case is going to the crown court.
Dance’s next court date is set for February 6 at Newcastle Crown Court, and he’s been granted conditional bail. He has to give up his passport and can’t contact any former employees or clients from his old firms.
