The Financial Conduct Authority (FCA) has alleged that well-known racehorse owner John Dance oversaw “one of the largest frauds perpetrated by an FCA regulated individual at an authorised firm” after successfully arguing in court for civil proceedings to be paused to prioritise a criminal investigation.

In April last year, Dance’s firm WealthTek LLP, which also traded as Vertem Asset Management and Malloch Melville, was shut down by the City regulator after the discovery of “serious regulatory and operational issues”.