FORMER top racehorse owner John Dance has appeared in court to deny his role in an alleged £64million fraud.
Dance, 50, pleaded not guilty to nine charges including money laundering at North Tyneside Magistrates’ Court.
The part-time DJ and former wealth fund manager, who co-owned King George winner Bravemansgame, is accused of using some of the money to buy racehorses and fund a ‘lavish lifestyle’.
In a reportedly ‘hushed voice’, Dance, who confirmed his name, age and address in the 15-minute hearing, pleaded not guilty to every allegation.
Helen Law, prosecuting, outlined the allegations against Dance as being £64m worth of fraud from his clients while he was a partner in a 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.
In addition, Dance 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 and he was granted conditional bail.
Outside court, Mr Hart said his client did not wish to make any comment.
The Financial Conduct Authority alleged Dance’s activity was ‘one of the largest frauds ever investigated’.
In a statement last month, Therese Chambers, joint executive director of enforcement and market oversight, said: “This is one of the most serious and largest frauds we have ever investigated.
“We allege that over a period of many years Mr Dance diverted millions of client funds for his own benefit, telling lies and forging documents to cover his tracks.
“We know this has been a worrying time for people who had their investments caught up in WealthTek and we have tried to keep everyone updated as best we can, given the criminal nature of the offences under investigation.
“We’re pleased that clients are now seeing their assets returned.”
