Statement on the FCA’s regulatory and criminal investigation into WealthTek Limited Liability Partnership

On 8 November, the FCA sought and obtained a Restraint Order under the Proceeds of Crime Act 2002. The purpose of a restraint order is to preserve assets to make them available for a future confiscation order, an order which can only be made following a conviction in criminal proceedings. The FCA has ‘replaced’ the worldwide freezing order previously in place with the Restraint Order. As with the worldwide freezing order, the Restraint Order allows Mr Dance to claim reasonable living and business expenses. This action is part of the FCA’s efforts to take all necessary steps as the investigation progresses to secure an appropriate outcome for consumers. The British Horseracing Authority remains responsible for matters relating to Mr Dance’s participation in horse racing activities. Original Article Here