Parliamentarians Correspond with Justice Official, Pushing for Criminal Prosecution of John Dance to be Accelerated
In a recent development, a group of MPs has called for the criminal proceedings against John Dance, a former executive of WealthTek, to be expedited. Dance is currently facing charges of fraud and money laundering, with claims that he transferred over £64 million of clients' funds from WealthTek, a discretionary fund manager based in Newcastle.
The MPs, who represent individuals affected by the fraudulent acts of WealthTek, wrote to the justice secretary on July 7, requesting confirmation if any options exist within the justice system to bring the case forward faster. The letter was co-signed by Conservative MPs Sir David Davis, Tom Tugendhat, Graham Stuart, Alex Burghart, Dr Luke Evans, Matt Vickers, and Charlie Dewhirst.
John Dance pleaded not guilty to the charges in February 2022, and his trial date was set for September 2027, a delay of 31 months following his plea. However, the scheduling of court cases is not set by the justice secretary, but by the independent judiciary.
Prior to WealthTek being placed into special administration in April 2023, Dance was a significant figure in the British horse racing industry. He campaigned horses such as six-time Group 1 winner Laurens and King George VI Chase winner Bravemansgame, and sponsored the Group 1 Vertem Futurity Trophy at Doncaster.
Clients of WealthTek have been receiving payouts under the Financial Services Compensation Scheme, but assets belonging to Dance have been frozen to allow for potential resale in the event of a successful prosecution. Additionally, clients of John Dance's WealthTek are set to receive £6.3 million from Barclays due to money laundering failures.
The Financial Conduct Authority (FCA) stated in June that they are "ready to go to trial now", and John Dance was previously charged with nine offences related to money laundering and fraud at WealthTek in December 2021. An approximately £80 million shortfall in assets was discovered during a special administration of WealthTek.
It is noteworthy that there are no available search results indicating which politicians addressed a petition to Justice Minister Shabana Mahmood in July 2022 to advance the trial of John Dance before the originally scheduled date in September 2027. The MPs' plea for a faster trial comes as thousands of people continue to face significant financial distress due to the fraudulent acts committed by WealthTek.
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