FCA prioritises criminal probe into WealthTek owner

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. 

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