A former racehorse proprietor has denied taking greater than £64m from wealth administration fund purchasers for himself.
John Dance, 50, who lives in Murton Village, Newcastle, pleaded not responsible to 9 prison expenses together with fraud by abuse of place, fraud by false misrepresentation and cash laundering at North Tyneside Magistrates’ Courtroom.
He’s accused of utilizing among the cash from the alleged fraud to purchase racehorses.
Mr Dance owned a number of horses, together with Bravemansgame which gained the King George VI at Kempton in 2022. The horse is now not in his possession.
The alleged offences cowl a interval from February 2014 to March 2023.
As soon as a part-time DJ and nightclub proprietor, Mr Dance was the principal accomplice at wealth administration fund Vertus Asset Administration which later turned the agency WealthTek.
Helen Legislation, prosecuting, outlined the allegations towards Dance as being £64m of fraud from his purchasers whereas he was a accomplice within the wealth administration agency, which associated to 3 expenses of fraud by abuse of place.
He additionally confronted three cash laundering expenses referring to how funds have been allegedly used, together with the acquisition of racehorses.
The defendant confirmed his title, age and deal with when he appeared earlier than the courtroom for the 15-minute listening to.
He answered “not responsible” to every of the 9 expenses learn out by the clerk.
Josh Hart, defending, stated: “The problems for the trial can be whether or not the defendant’s conduct was dishonest or not.
“The defendant denies any allegation of dishonesty.”
Chairwoman of the Bench Margaret Higgins stated the case could be handled on the crown courtroom.
Mr Dance was granted conditional bail and can subsequent seem at Newcastle Crown Courtroom on 6 February.
