RACING is in shock after it was confirmed top horse owner John Dance is at the centre of a criminal investigation worth as much as £80million.
The hugely popular personality, 48, who regularly features on ITV, was famed for owning part of King George Chase hero Bravemansgame.
Dance is a regular in the winner’s enclosure on ITV but has found himself at the centre of an investigation into a potential £80m black hole at his business
But Dance‘s share in the horse was sold and he has had no runners since being arrested in April.
Officials at the Financial Conduct Authority have confirmed Dance, who was boss of collapsed fund WealthTek, is being investigated over possible fraud and money-laundering offences.
He has not been charged.
There is said to be a potential £81m gap in WealthTek’s finances.
Dance has also had assets up to the value of £40m frozen.
The FCA said investigators are working closely with the administrators of WealthTek, accountancy firm BDO.
Together they had told customers of the fund manager ‘that further investigations are needed to establish the full picture’ into the potential £80m black hole.
BDO said that of the £233m that WealthTek had held on its platform, there was a shortfall of £71.7m in custody assets and £9.7m in client money.
Uncertainty had surrounded Dance’s horses since his arrest.
But a recent deal between the FCA and British Horseracing Authority has allowed Dance’s horses to run under a different name.
However, the BHA confirmed ‘any prize-money or other business profits will be frozen under the terms of the High Court’s order’.
Dance’s horses are trained in the most part by James Horton.
They now run under Coverdale Stud or the Titanium Racing Club – rather than John Dance or his wife, Jess.
Dance, who started out in the postroom of a stockbroking firm before going onto work for Merrill Lynch, is a DJ in his spare time.