Just a fortnight following the Insolvency Service’s successful petition for a winding-up order against Amey’s company in the UK High Court on April 30th, this development emerges.
The United Kingdom authorities have officially closed down a crypto academy, alleging that its founder utilized it to improperly persuade individuals to engage in investment schemes that resulted in losses, including an alleged $1.7 billion crypto “Ponzi” scheme.
As per The Insolvency Service, a government agency in the United Kingdom, Amey Finance Academy provided guidance to individuals interested in investing in various cryptocurrency ventures. However, some customers reportedly lost their entire investments due to misleading assurances given by the academy’s sole director and shareholder.
Investigators uncovered WhatsApp messages where Amey purportedly assured one customer that their investments were “100 certy” and urged them to “trust me bro.”
Another customer was allegedly told by Amey that their investment wouldn’t drop below 90%, but they ultimately suffered total losses.
Mark George, chief investigator at the Insolvency Service, stated, “Desmond Amey utilized Amey Finance Academy to irresponsibly convince individuals to invest in cryptocurrency schemes and provided misleading information regarding the associated risks.”
Two weeks following the Insolvency Service’s attainment of a winding-up order against Amey’s company in the U.K. High Court on April 30th, it was revealed that one of the cryptocurrency ventures endorsed by the company was HyperFund, later rebranded as HyperVerse, an alleged Ponzi scheme that remained unmonitored by Australian authorities for nearly two years. Subsequently, two key figures associated with HyperVerse have faced charges from the United States securities regulator, alleging their involvement in a $1.7 billion fraudulent scheme.
George explained that due to Amey’s failure to provide current accounting records, the Insolvency Service was unable to determine the accurate connection between Amey Finance Academy and HyperVerse. Consequently, this lack of transparency compelled the Insolvency Service to pursue a wind-up order.
Between October 2019 and March 2022, approximately $6.3 million (equivalent to 5 million Great Britain pounds) flowed through the bank account of Amey Finance Academy. However, the company’s assets and liabilities remained undisclosed. Amey Finance Academy, established in December 2018, touted itself as a reputable consultancy offering a wide range of financial services.
Read More: China crypto-miner banned from US nuclear base area
Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Jomotoday for more information visit privacy policy
Leave a Comment