The FCA has been allowed to pause a civil case in opposition to discretionary fund supervisor (DFM) WealthTek’s owner John Dance in favour of pursuing a extra severe criminal investigation.
WealthTek was positioned into particular administration on 6 April final 12 months. Since then an £81m shortfall in consumer belongings has emerged.
The regulator opened a criminal investigation into Dance, who can be a racing horse owner, final May. Now it has efficiently argued in courtroom that civil proceedings needs to be paused whereas it completes its work into the extra severe fees.
