UK Authorities shuts down trust me bro crypto firm for giving clients hideous advice to partake in loss-making investment schemes.
Authorities in the United Kingdom have formally closed a cryptocurrency academy because its proprietor “recklessly persuaded” individuals to invest in unsuccessful schemes, including a purported $1.7 billion cryptocurrency “Ponzi.”
The Insolvency Service, a government agency in the United Kingdom, has reported that Amey Finance Academy guided individuals interested in investing in diverse cryptocurrency schemes. Despite this, specific clients lost their entire investments because of deceptive assurances provided by the solitary director and shareholder of the company.
Investigators allegedly discovered WhatsApp conversations where Amey advised a client that their investments were “certainty one hundred percent” and to “trust me, bro.”
Allegedly, Amey assured another client that their investment would remain within 90%; however, that client ultimately incurred a complete loss.
Mark George, the principal investigator of the Insolvency Service, stated, “Desmond Amey used Amey Finance Academy to recklessly persuade individuals to invest in cryptocurrency schemes and mislead them about the risks of doing so.”
It occurred two weeks after the Insolvency Service obtained a winding-up order against Amey’s firm in the U.K. High Court on April 30.
One of the cryptocurrency schemes advocated by the firm was HyperFund, which subsequently evolved into HyperVerse. This purported Ponzi scheme eluded Australian authorities for approximately two years.
Since then, the United States securities regulator has charged two of the principal operators of HyperVerse, alleging that the company conducted a $1.7 billion Ponzi scheme.
Nevertheless, due to Amey’s lack of current accounting records, the Insolvency Service could not ascertain the actual nature of the partnership between HyperVerse and Amey Finance Academy.
George explained that due to this lack of transparency, the Insolvency Service was compelled to pursue a winding-up order.
“The public deserve protection from companies trading in an opaque and objectionable manner which is why we applied to have Amey Finance Academy shut down.”
Between October 2019 and March 2022, approximately $6.3 million (5 million Great Britain pounds) passed through the bank account of Amey Finance Academy; however, the organization’s assets and liabilities remained unknown.
Established in December 2018, Amey’s firm purports to be “a well-established and prosperous independent consultancy offering an extensive array of financial services.”
Cointelegraph contacted Desmond Amey for comment.
