Authorities in the United Kingdom have taken action to close down a crypto academy, accusing its founder of using it to persuade people to participate in investment schemes that resulted in significant losses. The Insolvency Service, a government agency in the UK, stated that Amey Finance Academy provided advice to individuals interested in investing in various cryptocurrency schemes. However, some customers lost all their investments due to misleading promises made by the academy’s director and sole shareholder. In the course of their investigation, authorities discovered WhatsApp messages in which Amey assured customers that their investments were safe and encouraged them to trust him. One customer was told that their investment would not drop below 90%, but they eventually lost everything. The Insolvency Service’s chief investigator, Mark George, accused Desmond Amey of using the academy to recklessly persuade people to invest in cryptocurrency schemes and mislead them about the associated risks. This action by UK authorities follows a winding-up order secured against Amey’s firm by the Insolvency Service in the UK High Court on April 30. One of the cryptocurrency schemes promoted by Amey Finance Academy was HyperFund, later known as HyperVerse, which has been described as a Ponzi scheme and was not regulated by Australian authorities for nearly two years. Two individuals involved with HyperVerse have been charged by the US securities regulator for allegedly running a $1.7 billion fraud scheme. Despite these connections, the lack of up-to-date accounting records provided by Amey meant that the Insolvency Service was unable to establish the full nature of the relationship between Amey Finance Academy and HyperVerse. This lack of transparency led to the decision to seek a wind-up order. Approximately £5 million ($6.3 million) passed through Amey Finance Academy’s bank account between October 2019 and March 2022, but the firm’s assets and liabilities could not be determined. Amey Finance Academy was launched in December 2018, claiming to be a successful independent consultancy offering a range of financial services.
UK shuts down crypto firm known for providing terrible advice to clients using the phrase 'trust me bro'