Former racehorse owner denies £64m fraud

John Dance denied the charges at North Tyneside Magistrates' Court

A former racehorse owner has denied taking more than £64m from wealth management fund clients for himself.

John Dance, 50, who lives in Murton Village, Newcastle, pleaded not guilty to nine criminal charges including fraud by abuse of position, fraud by false misrepresentation and money laundering at North Tyneside Magistrates' Court.

He is accused of using some of the money from the alleged fraud to buy racehorses.

Mr Dance owned several horses, including Bravemansgame which won the King George VI at Kempton in 2022. The horse is no longer in his ownership.

The alleged offences cover a period from February 2014 to March 2023.

Once a part-time DJ and nightclub owner, Mr Dance was the principal partner at wealth management fund Vertus Asset Management which later became the firm WealthTek.

'Allegation of dishonesty'

Helen Law, prosecuting, outlined the allegations against Dance as being £64m of fraud from his clients while he was a partner in the wealth management firm, which related to three charges of fraud by abuse of position.

He also faced three money laundering charges relating to how funds were allegedly used, including the purchase of racehorses.

The defendant confirmed his name, age and address when he appeared before the court for the 15-minute hearing.

He answered "not guilty" to each of the nine charges read out by the clerk.

Josh Hart, defending, said: "The issues for the trial will be whether the defendant's conduct was dishonest or not.

"The defendant denies any allegation of dishonesty."

Chairwoman of the Bench Margaret Higgins said the case would be dealt with at the crown court.

Mr Dance was granted conditional bail and will next appear at Newcastle Crown Court on 6 February.