The Financial Conduct Authority (FCA) has brought criminal charges against the partner of a wealth management firm, claiming he transferred £64m from client accounts, using the money to buy racehorses, residential and commercial property and to fund a nightclub business.

The FCA is charging John Dance, principal partner at WealthTek LLP — formerly known as Versus Asset Management — with nine criminal offences, including multiple counts of fraud and money laundering.

Dance is accused of fraudulently abusing his position of trust at Vertus and WealthTek for his own personal gain. The FCA alleges that £64m of customers funds were transferred into account he controlled and used to fund a laivish lifestyle and other business interests which included horse racing and nightclubs.

It is alleged Dance laundered the proceeds of his criminality through his personal and business bank accounts, including the transfer of £723,000 to purchase six racehorses, including Bravemansgame in 2019, and £806,500 in 2014 and £3.9m in 2020 to purchase residential and commercial property.