John Dance pleads not guilty as he appears in court over £64 million fraud claims

John Dance pleaded not guilty when he appeared in court for the first time on Friday to face charges of money laundering and fraud.

The prominent owner is alleged to have transferred more than £64 million in client funds to pursue his racing interests and fund his lifestyle.

Dance, 50 and from Murton Village near Newcastle, has been charged with nine criminal offences by the Financial Conduct Authority.

He appeared, shaven-headed and dressed in shirt and tie under a dark raincoat, with his solicitor Josh Hart at North Tyneside Magistrates Court.

After confirming his name, age and address, Dance pleaded not guilty in a hushed voice as each of the nine charges was read to him.

Prosecutor Helen Law outlined the charges before Hart said: “The issue of the trial will be whether the defendant’s conduct was dishonest. He denies any allegation of dishonesty.”

Chairman of the bench Margaret Higgins referred the case to crown court and the next hearing will be at Newcastle Crown Court on February 6.

Dance was a prominent owner for several years, with his best horse being six-time Group 1 winner Laurens, whose first foal First Ambition won at Newcastle on Thursday.

He also sponsored the Futurity, the final Group 1 race of the British Flat season, at Doncaster.

Dance was arrested in April 2023. At the time charges were announced last month, the FCA described the case as “one of the most serious and largest frauds we have ever investigated”.

He is charged with dishonestly making false representation with respect to his firm WealthTek LLP’s regulatory permissions to trade client assets.

The firm, better known as Vertem Asset Management and as Malloch Melville, was shut down by the City regulator in April 2023 after the discovery of what it called “serious regulatory and operational issues” at the discretionary fund management firm.

His horses were initially barred from running by the BHA, with high-class chaser Bravemansgame only allowed to take his chance at the Punchestown festival after his half-share was sold to joint-owner Bryan Drew. Dance's horses were briefly permitted to run again until September 2023, when the BHA imposed another suspension.

Bravemansgame was one of the horses the FCA alleged last month that Dance paid for using proceeds laundered through his personal and business bank accounts.

Read more:

Former owner John Dance charged with fraud and transferring more than £64m of clients' funds 

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