Former racehorse owner John Dance denies £64m fraud
A former horse racing owner has denied taking more than £64m from wealth management fund clients.
John Dance, 50, of Merton Village, Newcastle, pleaded not guilty at North Tyneside Magistrates Court to nine criminal charges, including fraud by abuse of position, fraud by false representation and money laundering.
He is accused of using some of the funds from the alleged fraud to buy racehorses.
Mr Dance owns a number of horses, including Bravemansgame, who won the King George VI Stakes at Kemptown in 2022. The horse was no longer his property.
The alleged crimes cover the period from February 2014 to March 2023.
Mr. Dance, a former part-time DJ and nightclub owner, was a principal partner at wealth management fund Vertus Asset Management, which later became WealthTek.
Helen Law, prosecuting, outlined the charges against Dance, which included three charges of fraud by abuse of position, alleging he defrauded clients of £64 million while he was a partner at the wealth management firm.
He also faces three charges of money laundering relating to how the funds were used, including the purchase of racehorses.
The defendant confirmed his name, age and address when he appeared for the 15-minute hearing.
He answered “not guilty” to each of the nine charges read by the clerk.
Josh Hart, defending, said: “The question at trial will be whether the defendant acted dishonestly.
“The defendant denies any allegation of dishonesty.”
Chair of Judges Margaret Higgins said the case would be heard at the Crown Court.
Mr Dance was granted conditional bail and is due to appear at Newcastle Crown Court on February 6.
