• Latest
  • Trending
  • All
  • Market Updates
  • Cryptocurrency
  • Blockchain
  • Investing
  • Commodities
  • Personal Finance
  • Technology
  • Business
  • Real Estate
  • Finance
WealthTek boss charged with £64mn fraud to fund ‘lavish lifestyle’

WealthTek boss charged with £64mn fraud to fund ‘lavish lifestyle’

December 18, 2024
Bitfarms Launches Share Buyback Amid Pivot To AI and HPC Infrastructure

Bitfarms Launches Share Buyback Amid Pivot To AI and HPC Infrastructure

July 22, 2025
4 Days Left: Time and space are almost up to exhibit at TC All Stage

Don’t miss your chance to exhibit at Disrupt 2025

July 22, 2025
Yen could face fresh storm as Japan vote fuels carry trade revival and BOJ policy doubts

Yen could face fresh storm as Japan vote fuels carry trade revival and BOJ policy doubts

July 22, 2025
‘Sell Ethereum, buy Bitcoin’ – Will Peter Schiff be right this time?

‘Sell Ethereum, buy Bitcoin’ – Will Peter Schiff be right this time?

July 22, 2025
Trump ‘big beautiful bill’ created RAP, a new student loan plan

Trump ‘big beautiful bill’ created RAP, a new student loan plan

July 22, 2025
Oil: private survey of inventory shows a headline crude oil draw smaller than expected

Oil: private survey of inventory shows a headline crude oil draw smaller than expected

July 22, 2025
Stocks making the biggest moves midday: KSS, GM, LMT, MEDP

Stocks making the biggest moves midday: KSS, GM, LMT, MEDP

July 22, 2025
How to Set Up a Bitcoin Inheritance Plan to Protect Your Crypto

How to Set Up a Bitcoin Inheritance Plan to Protect Your Crypto

July 22, 2025
X Data Center Fire in Oregon Started Inside Power Cabinet, Authorities Say

X Data Center Fire in Oregon Started Inside Power Cabinet, Authorities Say

July 22, 2025
Finally, a smart ring I don’t have to charge every night (and no subscription)

Finally, a smart ring I don’t have to charge every night (and no subscription)

July 22, 2025
Volatility Master – User Manual (Intraquotes Product) – Trading Strategies – 21 July 2025

Advantages and Disadvantages of Simple Moving Average – Analytics & Forecasts – 22 July 2025

July 22, 2025
Why the Fed Should Cut Rates Next Week

Why the Fed Should Cut Rates Next Week

July 22, 2025
Wednesday, July 23, 2025
No Result
View All Result
InvestorNewsToday.com
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • Real Estate
  • Commodities
  • Crypto
  • Blockchain
  • Personal Finance
  • Tech
InvestorNewsToday.com
No Result
View All Result
Home Market Updates

WealthTek boss charged with £64mn fraud to fund ‘lavish lifestyle’

by Investor News Today
December 18, 2024
in Market Updates
0
WealthTek boss charged with £64mn fraud to fund ‘lavish lifestyle’
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Unlock the Editor’s Digest at no cost

Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.

Prize-winning racehorses and a Newcastle nightclub had been financed by John Dance utilizing £64mn of consumer funds taken from his wealth-management agency, in response to legal expenses introduced in opposition to the WealthTek boss by UK regulators.

The Financial Conduct Authority mentioned on Wednesday it had introduced 9 expenses in opposition to Dance, together with a number of counts of fraud and cash laundering.

Dance allegedly used his place at WealthTek and its Vertus operation “for his personal private achieve,” taking cash out of consumer accounts “to fund a lavish life-style and different enterprise pursuits together with horseracing and a nightclub,” the FCA mentioned.

WealthTek, which additionally traded as Malloch Melville, was put into administration final yr after an software to the Excessive Court docket by the FCA because it sought to guard buyer funds. 

The watchdog charged Dance, 50, with changing or transferring legal property by shifting cash out of his shoppers’ funds into his private and enterprise financial institution accounts. 

In a single such transfer, he allegedly transferred £723,000 in 2019 to accumulate six racehorses, together with Bravemansgame, which gained the King George VI Chase at Kempton Park in 2022 and was a runner-up finally yr’s Cheltenham Gold Cup.

The FCA alleges that Dance moved cash out of consumer accounts to finance purchases of residential and industrial property, together with transfers of £806,500 in 2014 and £3.9mn in 2020.

The regulator mentioned it had additionally charged Dance with three additional offences of dishonestly making false representations about WealthTek’s regulatory permissions to proceed his alleged fraud. The corporate had been regulated by the FCA since January 2020, earlier than which it traded as an appointed consultant of Sapia Companions.

“This is without doubt one of the most severe and largest frauds we have now ever investigated,” mentioned Therese Chambers, joint government director of enforcement and market oversight on the FCA.

“The particular administration of WealthTek is continuous and its shoppers have begun to obtain their property and compensation,” the FCA mentioned. “Roughly 84 per cent of individuals affected shall be compensated in full.”

Acknowledging that it had been “a worrying time” for traders in WealthTek, Chambers mentioned: “We’re happy that shoppers are actually seeing their property returned.”

Dance, who’s topic to a restraining order to protect his property for potential future confiscation pending the end result of a trial, has been launched on bail and is because of seem at North Tyneside Magistrates’ Court docket on January 3.

Legal professionals for Dance didn’t instantly present a remark.



Source link

Tags: 64mnbosschargedFraudFundlavishlifestyleWealthTek
Share196Tweet123
Previous Post

Bitcoin falls more than 4% as risk trades drop on more-hawkish Fed

Next Post

Micron shares fall on disappointing quarterly revenue guidance

Investor News Today

Investor News Today

Next Post
Micron shares fall on disappointing quarterly revenue guidance

Micron shares fall on disappointing quarterly revenue guidance

  • Trending
  • Comments
  • Latest
Equinor scales back renewables push 7 years after ditching ‘oil’ from its name

Equinor scales back renewables push 7 years after ditching ‘oil’ from its name

February 5, 2025
Niels Troost has a staggering story to tell about how he got sanctioned

Niels Troost has a staggering story to tell about how he got sanctioned

December 14, 2024
Best High-Yield Savings Accounts & Rates for January 2025

Best High-Yield Savings Accounts & Rates for January 2025

January 3, 2025
Suleiman Levels limited V 3.00 Update and Offer – Analytics & Forecasts – 5 January 2025

Suleiman Levels limited V 3.00 Update and Offer – Analytics & Forecasts – 5 January 2025

January 5, 2025
Why America’s economy is soaring ahead of its rivals

Why America’s economy is soaring ahead of its rivals

0
Dollar climbs after Donald Trump’s Brics tariff threat and French political woes

Dollar climbs after Donald Trump’s Brics tariff threat and French political woes

0
Nato chief Mark Rutte’s warning to Trump

Nato chief Mark Rutte’s warning to Trump

0
Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

0
Bitfarms Launches Share Buyback Amid Pivot To AI and HPC Infrastructure

Bitfarms Launches Share Buyback Amid Pivot To AI and HPC Infrastructure

July 22, 2025
4 Days Left: Time and space are almost up to exhibit at TC All Stage

Don’t miss your chance to exhibit at Disrupt 2025

July 22, 2025
Yen could face fresh storm as Japan vote fuels carry trade revival and BOJ policy doubts

Yen could face fresh storm as Japan vote fuels carry trade revival and BOJ policy doubts

July 22, 2025
‘Sell Ethereum, buy Bitcoin’ – Will Peter Schiff be right this time?

‘Sell Ethereum, buy Bitcoin’ – Will Peter Schiff be right this time?

July 22, 2025

Live Prices

© 2024 Investor News Today

No Result
View All Result
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • Real Estate
  • Commodities
  • Crypto
  • Blockchain
  • Personal Finance
  • Tech

© 2024 Investor News Today