Former WealthTek LLP principal partner, John Dance, has pleaded not guilty to nine criminal charges, including multiple counts of fraud and money laundering.

Dance was charged by the Financial Conduct Authority (FCA) with transferring more than £64m from wealth fund clients to accounts he controlled.

He appeared in North Tyneside Magistrates’ Court last week and pleaded not quilt to nine charges, including money laundering, fraud by abuse of position, and fraud by false misrepresentation.

Following his appearance in court, Dance was granted conditional bail and will appear at Newcastle Crown Court on 6 February.

WealthTek was a wealth management firm, which was previously known as Vertus Asset Management LLP.

The FCA stated that, between 2014 and 2023, Dance transferred more than £64m from Vertus and WealthTek client accounts into accounts that he controlled, which the regulator alleged he used to fund a "lavish lifestyle" and other business interests.

It alleged that Dance laundered the proceeds through his personal and business bank accounts, including the transfer of £723,000 to purchase six racehorses in 2019, and £3.9m in 2020 to buy property.

WealthTek’s special administration is continuing, and its clients have started to receive their assets and compensation.

Around 84% of the people affected will be compensated in full, while the FCA said it would continue to work with all parties as both the WealthTek special administration and the criminal proceedings continue.

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