Former racehorse owner and race sponsor, John Dance, started the year by appearing at North Tyneside Magistrates’ Court to face charges of money laundering and fraud.

Mr Dance is alleged to have transferred more than £64 million in client funds to pursue his racing interests and fund his lifestyle. He denies all nine charges.

As principal partner at wealth management fund, Vertus Asset Management, which later became the firm, WealthTek, Mr Dance was accused of criminal charges including fraud by abuse of position, fraud by false misrepresentation and money laundering.

This related to how funds were allegedly used, including the purchase of racehorses.

Mr Dance owned a string of racehorses over several years and sponsored the Futurity, the final Group 1 race of the British Flat season, at Doncaster last year.

However, he was arrested in April 2023, when investigators from the Financial Conduct Authority (FCA) described the offences, which are alleged to have taken place between February 2014 and March 2023, as “one of the most serious and largest frauds we have ever investigated”.

The case was referred to Newcastle Crown Court and will be heard on 6 February and Mr Dance’s defence team will be continuing to amass evidence to support his denial of the charges.

Roger Isaacs, Forensic Partner at Milsted Langdon, said: “A money laundering and fraud case of this magnitude, which has included the purchase of a wide range of assets is likely to have many twists and turns that investigators and the courts will have to unravel.

“Forensic accountants can not only assist the courts by helping judges and juries gain a better understanding of how offences that may have been committed but they can also help when it comes to identifying assets that may be available to be frozen, seized and used to fund compensation or confiscation awards under the Proceeds of Crime Act.”

Sources: BBC News