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WealthTek, principal partner Dance face criminal investigation by UK FCA

( May 31, 2023, 17:00 GMT | Official Statement) -- MLex Summary: UK-based asset-management firm WealthTek and its principal partner John Dance are facing a regulatory and criminal investigation, after the Financial Conduct Authority identified a potential shortfall of 81.4 million pounds ($102 million) in client assets. The FCA said the probe would focus on client money and custody assets, fraud and money laundering. WealthTek is authorized and regulated by the FCA, but doesn’t have permission to hold client money. The FCA required the firm to cease operations on April 4 and it was later put in special administration. Dance, a well-known figure in horse racing, was arrested in April.Statement below....

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