A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings brought by the FCA against John Dance, the former WealthTek LLP principal partner.
Mr Dance was charged in December 2024 with alleged misappropriation of £64 million of customer funds between 2014 and 2023.
On 24 February 2025, at a plea and trial preparation hearing at Southwark Crown Court, John Dance pleaded not guilty to three counts of fraud by abuse of position and three counts of fraud by false representation.
Separately, it has been ordered by the High Court, following an application by the FCA and consented to by John Dance, that the civil proceedings brought by the FCA in April 2023 will remain paused until the conclusion of the criminal proceedings or until further order by the Court.
Notes to editors
- In December 2024, the FCA announced that John Dance had been charged with nine offences relating to alleged fraud and money laundering at WealthTek between 2014 and 2023.
- John Dance first appeared before the North Tyneside Magistrates’ Court on 3 January 2025, where his conditional police bail was extended and the matter sent to the Crown Court.
- John Dance was born on 5 November 1974.
- This case took 21 months from opening in March 2023 to bringing criminal charges – compared to an average of 42 months for cases closed in 2023/24. This is an example of how the FCA is improving the pace of its enforcement investigations.
- Fraud by abuse of position is an offence under sections 1 and 4 of the Fraud Act 2006 (3 offences).
- Fraud by false representation is an offence under sections 1 and 2 of the Fraud Act 2006 (3 offences).
- Converting or transferring criminal property is an offence under section 327(1) of the Proceeds of Crime Act 2002 (3 offences).
- WealthTek LLP was regulated by the FCA from 27 January 2020 until 4 April 2023 when the FCA took action to order the firm to cease operations and to appoint Special Administrators.
- The civil proceedings brought by the FCA against WealthTek LLP and John Dance in April 2023 have been stayed since 1 March 2024 following an FCA application to allow us to focus our resources on the suspected criminal offences.
- The FCA has previously obtained a restraint order against John Dance which remains in place. The purpose of a restraint order is to preserve assets to make them available for a future confiscation order, an order which can only be made following a conviction in criminal proceedings.