Top racehorse owner John Dance has denied taking more than £64million from wealth management fund clients to finance his own lifestyle.
The 50-year-old businessman appeared in court to plead not guilty to nine criminal charges including fraud by abuse of position, fraud by false misrepresentation and money laundering.
The alleged offences cover the period from February 2014 until March 2023 and have been branded “one of the most serious and largest frauds” ever investigated by the UK’s financial regulator.
Dance owned a string of racehorses based in Middleham, Yorkshire, enjoying Classic success with multiple Group 1 winner Laurens on the Flat and over jumps as part owner of the King George VI Chase winner and Cheltenham Gold Cup second Bravemansgame.
He also became a major sponsor in the sport when his wealth management business backed the Group 1 race, the Vertem Asset Management Trophy at Doncaster.
He is accused of using some of the money from the alleged fraud to buy racehorses.
The former part-time DJ and nightclub owner was the principal partner at wealth management fund Vertus Asset Management, which later became the firm WealthTek and became a major sponsor of horse racing.
Dance appeared at North Tyneside Magistrates’ Court on Friday for a 15-minute hearing. Wearing a shirt and tie under a blue jacket, the crop-haired defendant confirmed his name, age and address.
He answered “not guilty” in a hushed voice to each of the nine charges read out by the clerk.
Helen Law, prosecuting, outlined the allegations against Dance as being £64million worth 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 charges of fraud by false representation related to documents he allegedly used, she said.
Dance, of Newcastle, also faced three money laundering charges relating to how funds were allegedly used, including the purchase of racehorses.
Josh Hart, defending, said: “The issues for 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 will be dealt with at the crown court.
Dance will next appear at Newcastle Crown Court on February 6. He was granted conditional bail.
He left court with his solicitor and declined to comment.