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.

https://corporate-adviser.com/fca-charges-wealth-manager-who-bought-racehorses-and-property-with-client-funds/